Wednesday, March 04, 2015

ADP: Private Employment increased 212,000 in February

by Bill McBride on 3/04/2015 08:19:00 AM

From ADP:

Private sector employment increased by 212,000 jobs from January to February according to the February ADP National Employment Report®. ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
...
Goods-producing employment rose by 31,000 jobs in February, down from 45,000 jobs gained in January. The construction industry added 31,000 jobs, the same number as last month. Meanwhile, manufacturing added 3,000 jobs in February, well below January’s 15,000.

Service-providing employment rose by 181,000 jobs in February, down from 206,000 in January. ...

Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth is strong, but slowing from the torrid pace of recent months. Job gains remain broad-based, although the collapse in oil prices has begun to weigh on energy-related employment. At the current pace of growth, the economy will return to full employment by mid-2016.”
This was below the consensus forecast for 220,000 private sector jobs added in the ADP report. 

The BLS report for February will be released on Friday and the consensus is for 230,000 non-farm payroll jobs added in February.