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U.S. private payrolls increase solidly in February- ADP -Breaking

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© Reuters. FILEPHOTO: An advertisement job for restaurant workers is being made in Oceanside (California), USA, May 10, 2021. REUTERS/Mike Blake

WASHINGTON, (Reuters) – U.S. employers hired more people than anticipated in February. Data for the previous month was also revised higher to reflect the progress of the labor market recovery.

The ADP National Employment Report on Wednesday showed that private payrolls grew by 475,000 jobs in the last month.

The January data was updated to reflect 509,000 new jobs instead of the 301,000 that were initially reported. Reuters economists had predicted that the private sector would see an increase of 388,000 jobs.

Moody’s Analytics, a joint developer of ADP’s report, was published before the Labor Department’s February employment report. Because of differences in methodology, the ADP report has had a difficult time predicting which private payrolls will be included in the Bureau of Labor Statistics employment reports.

Although the ADP initial estimate indicated that private payrolls were down for the first year in a row in January, BLS reports that 444,000 private workers were hired by the sector, which was accompanied by large revisions in employment gains in November, December, and December.

According to data from Homebase, companies continued their strong hiring pace for February. Homebase, a payroll-scheduling and tracking company, reported significant gains in both hours worked and the number employees in their workforce in mid February.

UKG reported that the February workforce activity report showed the biggest monthly rise in shift work for February since 2020. According to the workforce management software firm, the Omicron version of COVID-19’s impact on hourly shift work had ended. 

This is consistent with February’s solid job gains. According to a Reuters poll of economists, nonfarm payrolls are expected to have increased by 400,000 jobs following a rise in 467,000 in January. Forecasts indicate that private payrolls increased by 378,000 positions in February.

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