February private sector jobs report shatters expectations


Companies in the private sector saw a wave of jobs pour in throughout the month of February, according to a new report by ADP and Moody’s Analytics.

In the private sector, 298,000 jobs were created in February alone; according to the report, 66,000 were added within the construction industry and 32,000 within the manufacturing industry.

This is the first jobs report representing a full month President Donald Trump has been in office, CNBC reports.  Trump said the country’s infrastructure would be a top priority during his campaign.

“February proved to be an incredibly strong month for employment with increases we have not seen in years,” Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in a statement.

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ADP previously estimated that only 190,000 jobs would be added in the private sector in the month of February.

“Confidence is playing a large role,” Mark Zandi, chief economist at Moody’s Analytics, told CNBC. “Businesses are anticipating a lot of good stuff — tax cuts, less regulation. They are hiring more aggressively.”

CNBC reports the growth can be seen in the following areas:

  1. Services – 193,000 jobs
  2. Small businesses – 104,000 jobs
  3. Large businesses – 72,000 jobs
  4. Mining and natural resources – 8,000 jobs

January added 261,000 new jobs, as well, according to CNBC, which reports that there is a positive sentiment in the jobs market, overall.

Jobs 5 Mar 2017


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