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Wednesday, March 07, 2018

ADP: Private Employment increased 235,000 in February

by Calculated Risk on 3/07/2018 08:21:00 AM

From ADP:

Private sector employment increased by 235,000 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.
“The labor market continues to experience uninterrupted growth,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “We see persistent gains across most industries with leisure and hospitality and retail leading the way as consumer spending kicked up. At this pace of job growth employers will soon become hard-pressed to find qualified workers.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is red hot and threatens to overheat. With government spending increases and tax cuts, growth is set to accelerate.”
This was above the consensus forecast for 203,000 private sector jobs added in the ADP report. 

The BLS report for February will be released Friday, and the consensus is for 205,000 non-farm payroll jobs added in February.