The non-farm private sector added 214,000 jobs in February, according to the ADP National Employment Report, an increase from January’s downwardly revised estimate of 193,000. The services sector saw increased growth on the month, while growth in goods producing employment trailed off.
Small businesses, businesses with less than 50 employees added 76,000 employees in February, compared to 75,000 in January. Medium-sized businesses with 50-499 employees added 62,000 jobs, down from 74,000 in January. Large businesses added 76,000 jobs, up from January’s total of 44,000.
Goods producing employment rose by 5,000 jobs after rising by 19,000 last month. Gains in construction sector employment, were partially offset by a 9,000 job loss in manufacturing.
Service-providing employment rose by 208,000 in February, up from 174,000 last month. Professional and business services contributed 59,000 jobs to the total, while the trade transportation and utilities sector grew by 20,000.
“Despite the turmoil in the global financial markets, the American job machine remains in high gear,” said Mark Zandi, chief economist of Moody’s Analytics. “Energy and manufacturing remain blemishes on the job market, but other sectors continue to add strongly to payrolls. Full-employment is fast approaching.”
Read the ADP release.
