Wednesday, March 08, 2017

ADP: Private Employment increased 298,000 in February

by Bill McBride on 3/08/2017 08:26:00 AM

From ADP:

Private sector employment increased by 298,000 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.
...
“February proved to be an incredibly strong month for employment with increases we have not seen in years,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Gains were driven by a surge in the goods sector, while we also saw the information industry experience a notable increase.”

Mark Zandi, chief economist of Moody’s Analytics said, “February was a very good month for workers. Powering job growth were the construction, mining and manufacturing industries. Unseasonably mild winter weather undoubtedly played a role. But near record high job openings and record low layoffs underpin the entire job market.”
This was well above the consensus forecast for 183,000 private sector jobs added in the ADP report. 

The BLS report for February will be released Friday, and the consensus is for 195,000 non-farm payroll jobs added in February.