ADP February jobs estimate above expectations, with gains in most sectors
Private-sector employment increased by 235,000 in February, on a seasonally adjusted basis, ADP estimated Wednesday.
In January, ADP says 244,000 jobs were added, compared to its previous estimate of 234,000.
Economists surveyed by IFR Markets projected a 193,000 job gain for February.
“The labor market continues to experience uninterrupted growth,” according to Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “We see persistent gains across most industries with leisure and hospitality and retail leading the way as consumer spending kicked up. At this pace of job growth employers will soon become hard-pressed to find qualified workers.”
“The job market is red hot and threatens to overheat,” said Mark Zandi, chief economist of Moody’s Analytics. “With government spending increases and tax cuts, growth is set to accelerate.”