Payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. increased by more than expected in the month of January.

ADP said private sector employment climbed by 183,000 jobs in January after rising by an upwardly revised 176,000 jobs in December.

Economists had expected private sector employment to rise by 150,000 jobs compared to the addition of 122,000 jobs originally reported for the previous month.

A separate report released by the Commerce Department on Wednesday showed the U.S. trade deficit widened significantly in December, as imports surged and exports plunged.

The Commerce Department said the trade deficit spiked to $98.4 billion in December from a revised $78.9 billion in November.

Economists had expected the trade deficit to jump to $96.6 billion from the $78.2 billion originally reported for the previous month.

The substantial increase in the size of the trade deficit came as the value of imports shot up by 3.5 percent to $364.9 billion, while the value of exports tumbled by 2.6 percent to $266.5 billion.

At 10 am ET, the Institute for Supply Management is scheduled to release its report on service sector activity in the month of January. The ISM’s services PMI is expected to inch up to 54.3 in January after rising to 54.1 in December, with a reading above 50 indicating growth.

The Energy Information Administration is due to release its report on oil inventories in the week ended January 31st at 10:30 am ET.

Crude oil inventories are expected to increase by 3.2 million barrels after climbing by 3.5 million barrels in the previous week.

At 3 pm ET, Federal Reserve Governor Michelle W. Bowman is scheduled to deliver a speech on Bank Regulation at the 2025 Kansas Bankers Association Harold A. Stones Government Relations Conference.

Federal Reserve Vice Chair Philip N. Jefferson is due to deliver a lecture on “Do Non-Inflationary Economic Expansions Promote Shared Prosperity?” at Swarthmore College in Swarthmore, Pennsylvania, at 7:30 pm ET.