Market Overview

ADP Adds +216k Jobs

Companies in the U.S. added more workers in February than a month earlier, another sign of labor market strength, data from a private report based on payrolls showed today.

Employment increased by 216,000 this month after a revised 173,000 gain in January, according to figures from ADP Employer Services. The median estimate in the Bloomberg News survey called for a 215,000 increase this month.

Further employment gains would help generate the wage gains necessary to sustain household spending, which accounts for about 70 percent of the economy. Businesses added 225,000 jobs in February, and the unemployment rate held 8.3 percent, economists project a Labor Department report to show in two days.

“Everything is pointing to broader employment gains,” Troy Davig, a senior U.S. economist at Barclays Capital Inc. in New York, said before the report. “As people start experiencing a steadier stream of income, that will translate into consumption and that will start building a stronger foundation for growth going forward.”

Estimates ranged from increases of 120,000 to 270,000, according to the Bloomberg survey of 44 economists.

Bloomberg

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Forex

 

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