by Bill McBride on 3/02/2016 08:21:00 AM
Wednesday, March 02, 2016
Private sector employment increased by 214,000 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.This was above the consensus forecast for 185,000 private sector jobs added in the ADP report.
Goods-producing employment rose by 5,000 jobs in February, just over a quarter of January’s upwardly revised 19,000. The construction industry added 27,000 jobs, which was slightly above January’s upwardly revised 26,000. Meanwhile, manufacturing lost 9,000 jobs, the second largest drop in five years.
Service-providing employment rose by 208,000 jobs in February, up from a downwardly revised 174,000 in January.
Mark Zandi, chief economist of Moody’s Analytics, said, “Despite the turmoil in the global financial markets, the American job machine remains in high gear. Energy and manufacturing remain blemishes on the job market, but other sectors continue to add strongly to payrolls. Full-employment is fast approaching.
The BLS report for February will be released Friday, and the consensus is for 190,000 non-farm payroll jobs added in February.
Posted by Bill McBride on 3/02/2016 08:21:00 AM