If Wall Street was Vegas, the under-over line to watch would be the unemployment numbers. In case you’ve been living in a cave, every economics “expert” and talking head has preached the mantra “The US economy will not truly improve until job growth returns.”
Well, this morning the ADP National Employment Report beat Wall Street expectations: private-sector employment increased by 217,000 from January to February on a seasonally adjusted basis. AND, January’s numbers were revised up to 189,000 from the previously reported increase of 187,000. (See Charts Below)
According to the ADP Report, employment in the service-providing sector rose by 202,000 in February, marking thirteen consecutive months of employment gains. Employment in the goodsproducing sector rose 15,000, the fourth consecutive monthly gain. Manufacturing employment rose 20,000, the fifth consecutive monthly gain.
Employment among large businesses, defined as those with 500 or more workers, increased by 13,000 while employment among medium-size businesses, defined as those with between 50 and 499 workers, increased by 104,000. Employment among small- size businesses, defined as those with fewer than 50 workers, increased by 100,000.
In February, construction (NYSE:XHB) employment dropped 9,000. The total decline in construction employment since its peak in January 2007 is 2,130,000. Employment in the financial services sector remained flat in February.
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Stay tuned for Wall St. Cheat Sheet’s coverage of the BLS Unemployment data this Friday.