“President Donald Trump’s first full month in office coincided with a breakneck pace of job growth, according to a preliminary jobs report published Wednesday by the ADP Research Institute,” Andrew Soergel reports for U.S. News and World Report. “Domestic employers generated 298,000 new positions last month for the country’s best pace of job gains since April 2014. Small and mid-sized businesses with fewer than 500 employees led gains, accounting for nearly 76 percent of the employment additions.”
“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.”
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“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.”
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MacDailyNews Take: Analysts were caught off guard? Whodathunkit?
SEE ALSO:
Samsung plans major U.S. expansion, would shift manufacturing from Mexico – March 8, 2017
U.S. private sector job creation booms in President Trump’s first full month as employers add 298,000 jobs – March 8, 2017
Apple supplier Sharp may begin building $7 billion U.S. plant in within months as Japan PM meets President Trump – February 8, 2017
Foxconn-Sharp considering LCD plant in USA, plans in response to President-elect Trump’s ‘Make in America’ call – January 13, 2017
With President Trump soon to take office, Apple looks to boost its ‘Made in America’ credentials – January 10, 2017
Make America Insanely Great Again: Apple seeks to expand Made in USA manufacturing – January 9, 2017
Apple invests $1 billion in SoftBank’s massive tech fund; may help company get in President Trump’s good graces – January 4, 2017
Apple in talks to invest $1 billion in SoftBank tech fund – December 13, 2016
Softbank to invest $50 billion in the U.S., create 50,000 new tech jobs after meeting with President-elect Trump – and Apple supplier Foxconn is in on the deal – December 6, 2016
President-elect Trump invites tech leaders to roundtable in Manhattan next week – December 6, 2016
President-elect Trump tells Apple CEO Tim Cook that he’d like to see Apple make products in the U.S. – November 23, 2016
President-elect Trump says Apple CEO Tim Cook called him after election victory – November 22, 2016
Apple could make iPhones in the U.S.A. under President Trump, sources say – November 17, 2016
Japan’s Softbank just became one of Apple’s most important suppliers – July 18, 2016