February private sector jobs report shatters expectations

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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.

Related News: Trump taking steps to save this industry from Obama EPA regulations

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

H/T: CNBC

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