Companies in the U.S. added more workers in February than expected, underscoring continued strengthening in the labor market, according to data released Wednesday from the ADP Research Institute.
The results show a continued trend of robust hiring as companies hunt for employees to fill empty spots. The gains point to sustained consumer spending, which accounts for about 70 percent of the economy.
Every single sector except information gained jobs in the period. The report is based on ADP’s payroll data, representing about 411,000 firms employing almost 24 million workers in the U.S.
The ADP reading compares with the median estimate of economists for 198,000 private-sector job gains in February, ahead of the Labor Department’s monthly figures due Friday. The unemployment rate probably fell to 4 percent from 4.1 percent in the prior month, according to analyst forecasts.
“The job market is red hot and threatens to overheat,” Mark Zandi, chief economist of Moody’s Analytics Inc. in West Chester, Pennsylvania, said in the statement. Moody’s produces the figures with ADP. “With government spending increases and tax cuts, growth is set to accelerate.”
via Washington Post
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