Wednesday, March 04, 2020

ADP: Private Employment increased 183,000 in February

by Calculated Risk on 3/04/2020 08:19:00 AM

From ADP:

Private sector employment increased by 183,000 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 remains firm, as private-sector payrolls continued to expand in February,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Job creation remained heavily concentrated in large companies, which continue to be the strongest performer.”

Mark Zandi, chief economist of Moody’s Analytics, said, “COVID-19 will need to break through the job market firewall if it is to do significant damage to the economy. The firewall has some cracks, but judging by the February employment gain it should be strong enough to weather most scenarios.”
This was above the consensus forecast for 170,000 private sector jobs added in the ADP report.

The BLS report will be released Friday, and the consensus is for 175,000 non-farm payroll jobs added in February.