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U.S. Private Sector Job Growth Exceeds Estimates In February

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A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. increased by more than expected in the month of February.

ADP said employment in the private sector jumped by 235,000 jobs in February after surging up by a revised 244,000 jobs in January.

Economists had expected an increase of about 195,000 jobs compared to the addition of 234,000 jobs originally reported for the previous month.

"The labor market continues to experience uninterrupted growth," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "At this pace of job growth employers will soon become hard-pressed to find qualified workers."

The report said employment in the service-providing sector shot up by 198,000 jobs, with leisure and hospitality and retail leading the way higher.

Employment in the goods-producing sector also rose by 37,000 jobs amid increases in both construction and manufacturing jobs.

ADP also said employment at medium-sized businesses climbed by 97,000 jobs, while employment at large and small businesses increased by 70,000 jobs and 68,000 jobs, respectively.

On Friday, the Labor Department is scheduled to release its closely watched monthly employment report, which includes both public and private sector jobs.

Employment is expected to jump by 200,000 jobs in February, matching the increase seen in January. The unemployment rate is expected to dip to 4.0 percent from 4.1 percent.

by RTTNews Staff Writer

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