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US Private Payrolls Rise Strongly in February- ADP

FILE PHOTO: A restaurant advertisement job looks to attract workers in Oceanside, California
FILE PHOTO: A restaurant advertisement job appears to attract workers in Oceanside, California, U.S., May 10, 2021. REUTERS/Mike Blake

March 2, 2022

WASHINGTON (Reuters) – U.S. private companies hired more workers than expected in February, and the previous month’s data was revised higher sharply as the labor market recovered.

The ADP National Employment Report showed on Wednesday that there was an increase of 475,000 jobs in the previous month.

The data for January was revised higher to show that 509,000 jobs were added instead of 301,000 lost as initially reported. Economists polled by Reuters had forecast private payrolls would add 388,000 jobs.

The ADP report was jointly developed with Moody’s Analytics and is published ahead of the Labor Department’s more comprehensive and closely watched jobs report for February on Friday. However, it has a poor record in predicting private payroll numbers in the Bureau of Labor Statistics employment report due to methodological differences.

While the ADP’s initial estimates showed private sector payrolls fell for the first time in a year in January, the BLS reported that the private sector employed 444,000 workers, with a larger adjustment for levels. job growth in November and December.

Indicators show companies maintained a strong hiring pace in February. Data from Homebase, a payroll tracking and scheduling company, shows a significant increase in the number of employees working as well as the number of hours worked in mid-February.

According to UKG’s workforce activity report, workforce activity saw the biggest monthly increase in shift work in February since spring 2020. The software company Workforce management says this increase means the impact of the Omicron variant of COVID-19 on hourly shift work is over.

That was in line with expectations of another solid month of job gains in February. Nonfarm payrolls are likely to add 400,000 jobs, after rising 467,000 in January, according to a Reuters survey of economists. Private payrolls are forecast to add 378,000 jobs in February.

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)

https://www.oann.com/u-s-private-payrolls-increase-solidly-in-february-adp/?utm_source=rss&utm_medium=rss&utm_campaign=u-s-private-payrolls-increase-solidly-in-february-adp US Private Payrolls Rise Strongly in February- ADP

Caroline Bleakley

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