ADP: Feb. Private Job Gains Beat Forecasts
Business added 198,000 jobs in February, payroll processor ADP said Wednesday, as the labor market continued to show resilience despite the threat of sharp federal budget cuts that are expected to slow economic growth.
Economists’ had forecast that ADP would report 173,000 job gains for last month.
The better-than-expected showing could be a positive harbinger for the Labor Department’s more closely-watched February employment survey coming Friday.
Economists’ consensus forecast is the report will show 160,000 overall job gains, including 167,000 in the private sector and a 7,000 drop in government jobs.The unemployment rate is expected to remain at 7.9%.
While ADP captures broad trends in the job market, it has had mixed success in foreshadowing the Labor Department’s monthly employment report.