PiCK
US February ADP private payrolls rise by 63,000… biggest gain since July last year
Summary
- US ADP nonfarm private employment in February rose by 63,000, beating the forecast and marking the largest gain since July last year.
- Construction and education and health services led job growth, while professional and business services fell by 30,000.
- Wage growth was 4.5% year over year, and job gains and wage increases were said to be holding firm.
Forecast Trend Report by Period
A US private-sector employment gauge last month came in above market expectations.
According to the ADP National Employment Report released on the 4th (local time), US nonfarm private employment rose by 63,000 from the previous month. The figure beat the Dow Jones consensus estimate of 48,000 by 15,000, marking the largest increase since July last year. It is also 52,000 higher than the prior month’s revised January reading of 11,000.
By sector, construction as well as education and health services led job growth. Construction added 19,000 jobs, while education and health services added 58,000.
By contrast, professional and business services shed 30,000 jobs. Wage growth was 4.5% year over year.
Nela Richardson, ADP chief economist, said, “Wage gains for workers who stay in their jobs are holding firm alongside employment growth,” adding, “However, because hiring is concentrated in a handful of industries, the wage-boosting effect from job switching is not broadly evident.”
The ADP report is typically released about two days ahead of the US Bureau of Labor Statistics (BLS) employment report under the Department of Labor and is often seen as a kind of ‘preview.’ However, because it is based on data compiled by a private information provider, it does not always move in the same direction as the government’s official figures.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
