The pace of job creation by private employers in the US picked up in February, reinforcing hopes that a broader payrolls report released tomorrow could confirm that the labour market recovery has moved into a higher gear.
The private sector added 216,000 jobs last month, the ADP National Employment Report showed yesterday, topping economists’ expectations for a gain of 208,000.
The ADP figures come ahead of the government’s more comprehensive labour market report tomorrow which includes both public and private sector employment.
“This does suggest we are moving in the right direction,” said Beth Ann Bovino, senior US economist at Standard Poor’s ratings services in New York.
“It supports the expectations of another 200,000-plus in Friday’s payroll report. The jobs numbers are looking healthier.”
Economists are expecting tomorrow’s report to show a gain of 210,000 in non-farm payrolls, with the private sector adding 225,000 jobs and government payrolls declining modestly.
REUTERS
