“The service sector again drove the economy forward with 193,000 additions, but the real story came from the goods producing segment of the economy. Such employers accounted for 106,000 of last month’s gains,” Soergel reports. “Since May 2002, the earliest month for which such data is available, there has never been a better month for job creation for those who make things in America.”
“Construction outfits added 66,000 positions – their best performance since Feb. 2006,” Soergel reports. “‘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 accompanying the report. ‘Gains were driven by a surge in the goods sector, while we also saw the information industry experience a notable increase.’ Such a sterling report caught analysts off guard, as most were expecting gains somewhere around 190,000 – an undershot of more than 100,000 jobs.”
Read more in the full article here.
“The total shattered market expectations of 190,000, according to economists surveyed by ADP,” Jeff Cox reports for CNBC. “The blockbuster report also solidified market expectations for the Fed to hike interest rates next week. Probability for an increase jumped to 91 percent after the release, according to the CME.”
“The report encompassed the first full month under President Donald Trump, who has pledged to rebuild the nation’s aging infrastructure system,” Cox reports. “Job creation was fairly evenly distributed across business size. Companies with 50 to 499 employees added the most with 122,000, while small firms added 104,000 and large contributed 72,000.”
Cox reports, “The big number could cause economists to adjust their expectations for Friday’s key nonfarm payrolls number from the Labor Department.”
Read more in the full article here.
MacDailyNews Take: Analysts were caught off guard? Whodathunkit?
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