Private job creation recorded a faster -than -expected surge in February based on a report released just now for ADP readings.
The company reportedly added 475,000 jobs in February where the reading surpassed Dow Jones estimates of only targeting a 400,000 increase. At the same time, the ADP also revised the January reading which initially reported a loss of 301,000 then changed to an increase of 509,000.
Wednesday’s report noted that the ADP conducted an annual review of its counts in February to put them in line with Census and Bureau of Labor Statistics data. Other months over the past year have seen adjustments, but no major adjustments like January 2022.
According to ADP chief economist Nela Richardson, “employment remained strong despite being limited by reduced labor supply after the pandemic. In the past month, the giant has shown a willingness to offer higher salaries and benefits. ”
Companies with 500 or more employees are responsible for almost all recruitment during the month. Firms with fewer than 50 employees posted losses of 96,000, while medium -sized businesses added just 18,000.
The ADP reading is used as an initial indication by the market ahead of the NFP data reading which will be released on Friday.
