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ADP: 298,000 JOBS ADDED IN FEBRUARY; 66,000 IN CONSTRUCTION

Posted by on 03.08.17

The U.S. economy added 298,000 private, non-farm jobs in February, according to the monthly employment report released this morning by payroll-management firm ADP and its partner Moody's Analytics. The seasonally adjusted result is a 14% increase from January's upwardly revised 261,000 jobs, and 16% higher than the previous February, when 255,000 jobs were created.

“February proved to be an incredibly strong month for employment with increases we have not seen in years,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Gains were driven by a surge in the goods sector, while we also saw the information industry experience a notable increase.”

Mid-sized businesses consisting of 50 to 499 employees saw the biggest employment gains in February, with 122,000 jobs added. Small firms saw a rebound following a lackluster report in December and January, adding 104,000 new positions. Within that figure, firms employing fewer than 20 individuals added 51,000 jobs, and firms consisting of 20-49 employees added 53,000 jobs. Only 4% (72,000) of payroll additions in February occurred at large businesses consisting of 500-1,000+ employees.

Moody's Analytics chief economist Mark Zandi echoed Yildirmaz's sentiment, attributing February's gains primarily to the construction, mining, and manufacturing industries in the goods-producing sector. In January, the sector saw the strongest job growth in two years, and February saw continued gains with the addition of 106,000 jobs.

 

Source: http://www.builderonline.com/, By Hanley Wood Data Studio

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