Friday, 24 March, 2017

USA private jobs see biggest surge in six years: payroll firm ADP

Asian stocks rebound after upbeat China trade data ADP: Private Sector Job Creation in February Crushes Forecast by More than 100K
Mae Harvey | 09 March, 2017, 03:13

The gains were led by the construction industry, which tallied 66,000 more jobs, the biggest increase in 11 years, and 32,000 manufacturing jobs, the biggest increase in five years.

The government is set to release on Friday its February report, which covers private and government hiring, with estimates around 200,000 jobs. A strong report is expected to convince central bank officials to raise rates for only the third time in more than 10 years.

February's job serve is even more extraordinary in light of widespread expectations that the Federal Reserve will raise interest rates when it meets next week.

But if you're looking for a "turn" in the data - that moment when hope becomes reality - the monthly jobs number could be something to seize on for those bullish on the Trump economy.

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USA private sector employment increased by 298,000 jobs from January to February, on a seasonally adjusted basis, well above market consensus of 180,000, said the February ADP National Employment Report Wednesday. The professional and business services sector-which includes architecture and engineering firms-continued its steady growth, creating 66,000 new payroll positions during the same period. Prior to the report's release, economists polled by ADP were projecting the addition of 190,000 private-sector jobs. Health care and social assistance jobs also increased, adding 38,000 jobs. The market now expects the report to show growth of about 185,000 jobs.

"Confidence is playing a large role", Moody's Analytics chief economist Mark Zandi told CNBC. Moody's worked with ADP to produce the report. "They are hiring more aggressively", he said.

Service-providing jobs accounted for most of the month's growth, while goods-producing employment surged as well.

"Taken literally, the data suggest significant upside risk to the employment report on Friday", said Jim O'Sullivan, chief US economist at High Frequency Economics in Valhalla, New York. The economy has not achieved 3 percent annual growth since the 2007-2009 recession ended. The unemployment rate is expected to dip to 4.7 percent from 4.8 percent. The large number could cause economists to modify their anticipations for Friday's key nonfarm payrolls from the Labor Department.

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