FLASH: US Employers ramped up hiring last year to its fastest pace in three years, as growth also picked up in the wake of The Trump Administration’s tax cuts and increased government spending approved by Congress last Spring.
US businesses added 183,000 jobs in February, the ADP survey found, a sign that companies continued hiring even as economic growth likely slowed.
Payroll processor ADP said Wednesday that last month’s job gains were down from the 300,000 added in January, a number that was revised up sharply from 213,000.
Hiring occurred across all major industries tracked by ADP, including professional and business services, which includes high-paying fields such as accounting and engineering, and which gained 49,000 jobs. Education and health care added 37,000. Construction gained 25,000 jobs and manufacturing 17,000.
The Chief economist at Moody’s Analytics, a forecasting firm that compiles the ADP data, said that hiring slowed a bit because the economy is cooling. Still, he expects companies to keep adding jobs because growth will likely recover from the Q-1 slowdown.
“The economy has throttled back and so too has job growth,” he said. But, he added, “I don’t expect businesses will turn off hiring.”
The ADP covers only private businesses and often diverges from official figures, which also include government hiring. The government is scheduled to release its employment report Friday, which analysts forecast will also show a gain of 183,000 jobs, according to data provider FactSet.
The unemployment rate is expected to drop to 3.9% from 4%.
The NFPs are out early Friday.
Making and Keeping America Great!
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