February jobs report blows out expectations! Trump cranking it up already

Lucy Hill
March 9, 2017

The Roseland-based firm said in its monthly National Employment Report for February 2017 that total USA nonfarm private employment grew by 298,000 jobs from the previous month.

US 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.

Manufacturing jobs, a key focus for President Trump, jumped by almost 32,000 last month, the most in five years. Large businesses added 72,000 jobs.

The spike in private sector employment in February marked the biggest monthly increase since January of 2006. We actually lost ground in January when the government reported average hourly earnings were up just 2.5% over the previous year, down from the 2.9% reported just a month earlier. "Businesses are anticipating a lot of good stuff - tax cuts, less regulation".

Service jobs are responsible for the bulk of the new jobs with the creation of 193,000 new positions, 66,000 of which are in professional and business services. "They are hiring more aggressively".

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US stocks were set to open little changed on Wednesday after a better-than-expected private sector hiring pointed to a healthy labor market, making an interest rate increase by the Federal Reserve next week near certain.

"In the press release accompanying the report, Zandi also notes that "(u) nseasonably mild winter weather undoubtedly played a role. It's projected to indicate a 190,000 increase in private-sector jobs.

"I never say "done deal" when it comes to the Fed, but a strong report would get us pretty close to one", said Joel Naroff, chief economist at Naroff Economic Advisors in Holland, Pennsylvania. "Much more than expected!" The strong ADP number will likely raise forecasts for the Labor Department figure, which is now expected to come in a 185,000 additional jobs. As a candidate, however, Trump argued that the unemployment rate was under-estimating the true state of joblessness in the country-and therefore the potential for renewing American job growth. The benchmark Shanghai Composite Index was down 0.05 percent to end at 3,240.66 points.

A new and more comprehensive report on employment is expected to be released by the federal government March 10.

The strong back-to-back gains suggest that hiring activity has ramped up.

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