Companies Add More Workers Than Expected in February

New hiring figures for January were also revised upward

   

now hiring sign 630 300x250 Companies Add More Workers Than Expected in FebruaryOn Wednesday, payroll processing firm ADP (NYSE:ADP) said that the U.S. employers hired 198,000 workers in February. That easily beat the 170,000 new jobs that economists had forecast, Bloomberg noted.

ADP also revised upward its estimate for U.S. hiring in January to 215,000 jobs, a 22,000 job increase above its previously stated figure.

jobless unemployment 630 200x200 Companies Add More Workers Than Expected in February
ING to Cut 2,400 More Jobs

The Labor Department will unveil is own jobs report later this week. Economists are expecting the government to report that 167,000 non-farm private jobs were created last month.

In February, construction companies and manufacturers hired 34,000 new workers, while service providers added 164,000 jobs. Small companies added 77,000 workers, more than large or medium-sized companies.

An economist with Moody’s Analytics said that ADP’s job data for February and January signaled that hiring remained “sturdy” despite fiscal uncertainty in Washington.

The latest ADP data suggests that the U.S. job market continues to make a steady, if slow, recovery.


Article printed from InvestorPlace Media, http://investorplace.com/2013/03/companies-add-more-workers-than-expected-in-february/.

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