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US adds 298,000 private sector jobs, exceeds forecast, ADP reports

March 08, 2017

US private-sector employment rose by 298,000 jobs in February ffrom January, according to the ADP national employment report. This is an increase from 261,000 jobs added in January.

January’s increase was revised upward from 246,000.

Economists surveyed by Reuters had forecast the report would show a gain of 190,000 jobs, with estimates ranging from 150,000 to 247,000.

“February was a very good month for workers,” said Mark Zandi, chief economist of Moody’s Analytics. “Powering job growth were the construction, mining and manufacturing industries. Unseasonably mild winter weather undoubtedly played a role. But near record high job openings and record low layoffs underpin the entire job market.”

The number of goods-producing jobs rose by 106,000, and service-providing jobs rose by 193,000.

“February proved to be an incredibly strong month for employment with increases we have not seen in years,” said Ahu Yildirmaz, VP 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.”

Large businesses added 72,000 jobs in February. Midsize businesses added 122,000 jobs and small businesses added 104,000 jobs.

The ADP National Employment report is produced by ADP (NASD: ADP) in collaboration with Moody’s Analytics.