- U.S. Companies Added 298,000 Jobs in February
Businesses in the US added more jobs in February than projected, according to the data compiled by the ADP Research Institute in New Jersey.
The number of private jobs created rose by 298,000 in February after a revised 261,000 in January. This is the highest since April 2014.
The U.S. labor market continue its strong run as demand chugs along, potentially benefiting from increased optimism about the economic outlook under President Donald Trump. Claims for unemployment benefits are the lowest in almost 44 years, signaling employers are keeping firings at a minimum. The ADP figures provide some insight ahead of Friday’s release of the Labor Department’s monthly employment report, which is projected to show a 190,000 increase in private jobs.
The Details
- Hiring in construction was 66,000, the most in 11 years
- Factories added 32,000 workers, the most since March 2012
- Employment gained in service sectors tracked by ADP, including trade, transportation and utilities; education and health services; and professional and business services
- Companies employing 500 or more workers increased staffing by 72,000 jobs; payrolls rose by 122,000 at medium-sized businesses, or those with 50 to 499 employees, the most in three years; while small companies’ payrolls gained 104,000, an eight-month high
