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US Private Payrolls Disappoint in February

March 3, 2021 by Forex Winner Leave a Comment

US Private Payrolls Disappoint in February

Companies added less positions than expected in February, according to a report of the ADP National Employment released Wednesday.

  • Private payrolls grew 117,000 for the month, below the 225,000 forecasted in a Dow Jones poll. It is also lower than the upward revised 195,000 jobs in January.
  • Services drove the net job growth. Trade, transportation, and utilities generated 48,000 jobs; education and health with 35,000; hospitality with 26,000; professional and business services with 22,000.
  • Meanwhile, manufacturing lost 14,000 jobs and construction fell by 3,000.
  • “We’re seeing large-sized companies increasingly feeling the effects of COVID-19, while job growth in the goods producing sector pauses,” said ADP chief economist Nela Richardson.
  • The weak ADP reading comes amid strong economic growth projections in the first quarter. The Atlanta Federal Reserve’s GDPNow tracker forecasts a 10% growth.

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