The forecast for last month’s number of new workers in the private sector was expected to be around 155,000. The report this morning showed 139,000 new jobs. There was also a a slew of downward revisions to the January report. The weather was blamed – Fed Chair Janet Yellen warned the market about the effect this unusually cold winter could have on the economy.
– Private sector employment increased by 139,000 jobs from January to February according to the February ADP National Employment Report®.
Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by ADP®, a leading global provider of Human Capital Management (HCM) solutions, in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
For the Full report visit the ADP website
The Fed’s prepared the market for a slow employment numbers due to the cold weather. ADP does not have perfect correlation to Friday’s NFP number but given the previous report there is not a lot of optimism for employment recovery during the winter.