ADP: 298000 Jobs Added in February; 66000 in Construction

Posted March 09, 2017

Analysts lifted estimates for Friday's non-farm payrolls on the back of the strong ADP reading.

Can this be attributable to Trump, or to a hangover of Barack Obama's policies?

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.

"February was a very good month for workers", said Zandi, as cited by The Hill. "Businesses are anticipating a lot of good stuff - tax cuts, less regulation". "We saw a pretty significant downdraft in that sector for a substantive period, but that now appears to be over", said Zandi. The service-producing sector added 193,000 jobs, which was highlighted by the professional and business sector (66,000), education and health (40,000) and leisure and hospitality (40,000). It's projected to indicate a 190,000 increase in private-sector jobs. Construction jobs grew by 106,000. The construction sector added 66,000 jobs and manufacturing added 32,000 jobs; both sectors struggled throughout 2016.

USA businesses added the most jobs in three years last month, a private survey found. This was much better than the 188,000 jobs expected by economists polled by The Wall Street Journal, and more than the 246,000 jobs ADP said were added in the previous month.

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Companies added the most workers in nearly three years to United States payrolls in February on a surge in construction and manufacturing employment, data from the ADP Research Institute in Roseland, New Jersey, showed Wednesday.

One of the things that was supposed to make robust job growth almost impossible under Trump was the already low unemployment rate, which supposedly would make it impossible to produce the kinds of job growth Trump had promised.

Reuters reports that Trump intends to boost the country's economic growth to 4 percent.

The monthly USA jobs report, due on Friday, is expected to show an increase of 186,000 jobs, probably enough to push the Fed to raise its base rate again for the second time in three months. Interest rate hikes are generally seen as putting the brakes on the economy.

Of course, this is merely one month's data. It will provide a broader view of the overall number of jobs than the ADP report.