ADP: U.S. Economy Adds 298,000 Private Sector Jobs In February

The U.S. economy added 298,000 private sector non-farm payroll jobs in February, according to a new report today from private sector payroll processor ADP.

Economists from briefing.com had a consensus estimate of 180,000 private sector jobs in February after rising 246,000 in January.

Ahu Yildirmaz, vice president and co-head of the ADP Research Institute in a released statement about February’s  private sector report from ADP, “February proved to be an incredibly strong month for employment with increases we have not seen in years. 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 wrote in a released statement, “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.”

ADP’s private sector non-farm payroll report is a precursor to the closely watched non-farm payroll report on Friday from the U.S. Bureau of Labor Statistics.

Economists from briefing.com have a consensus estimate that the U.S. economy added 188,000 non-farm payroll jobs in February after rising 227,000 in January while the U.S. unemployment rate is expected to remain at 4.7 percent.

Written and Edited By:

Johnathan Schweitzer

@SchweitzFinance

schweitz31@gmail.com


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