ADP: 117,000 private sector jobs created
US companies created far fewer jobs than expected in February. The bottom line was that only 117,000 jobs were created in the private sector, as shown in the survey published on Wednesday by the personnel service provider ADP. By contrast, experts polled by Reuters had expected an increase of 177,000. According to the revised data, the number of jobs increased in January by 195,000.
“The increase in employment is continuing, albeit at a slower pace than in January,” commented economist Patrick Boldt from Landesbank Hessen-Thüringen (Helaba). The economic outlook is thus friendly. “It should be noted, however, that compared to before the crisis there are still millions of jobs missing. It will therefore be a long time before normality can be spoken of,” added the Helaba expert. Experts expect the number of jobs outside of agriculture to rise by 180,000 in the government’s February labor market report due on Friday.
