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On Wednesday morning, the latest private payrolls report from data provider ADP showed 298,000 private payrolls were added to the U.S. economy in February. Economists were expecting a gain of 185,000.
Daniel Silver, an economist at JP Morgan, said Wednesday this was, “one of the strongest gains in the history of the series that dates back to 2001. The report showed that goods-producing payrolls surged 106,000 in February, the largest gain on record, while the service sector added a more trend-like 193,000 jobs during the month.”
And while the ADP’s report is not a straightforward predictor of which way the BLS’ official jobs report on Friday will break, the labor market continues to show characteristics that indicate we’re not as late in the economic cycle as some may have previously argued.
As of January, the unemployment rate in the U.S. was 4.8% as 227,000 jobs were added to the economy in the first month of 2017. Over the previous 3 months, nonfarm payrolls had grown by an average of 184,000.
Source, full article:
https://www.yahoo.com/finance/news/t...163514694.html
Daniel Silver, an economist at JP Morgan, said Wednesday this was, “one of the strongest gains in the history of the series that dates back to 2001. The report showed that goods-producing payrolls surged 106,000 in February, the largest gain on record, while the service sector added a more trend-like 193,000 jobs during the month.”
And while the ADP’s report is not a straightforward predictor of which way the BLS’ official jobs report on Friday will break, the labor market continues to show characteristics that indicate we’re not as late in the economic cycle as some may have previously argued.
As of January, the unemployment rate in the U.S. was 4.8% as 227,000 jobs were added to the economy in the first month of 2017. Over the previous 3 months, nonfarm payrolls had grown by an average of 184,000.
Source, full article:
https://www.yahoo.com/finance/news/t...163514694.html