A survey by payroll processor ADP estimated that the private sector added 298,000 jobs in February, significantly more than the 261,000 added in the same survey in January, according to The Associated Press.
The survey, released Wednesday, included huge gains for construction (66,000 jobs, the most in 11 years) and manufacturing (32,000) jobs. However, it was noted that “job gains were broad-based and suggest that increased business optimism may have led to more hiring.”
According to Reuters, economists’ expectations were for a number more in the 190,000 range. While some of that had to do with a mild February that didn’t shut down construction sites, the message was clear: Optimism is way up in the private sector.
“February proved to be an incredibly strong month for employment with increases we have not seen in years,” ADP Research Institute vice president and co-head Ahu Yildirmaz said in a news release accompanying the report.
Some economists were skeptical of the report, given the fact that ADP’s figure can often diverge significantly from private payroll numbers in the government’s official labor report. That report, due Friday, was expected to show a gain of only 186,000 private sector jobs, KMOV-TV reported.
“Taken literally, the data suggest significant upside risk to the employment report on Friday,” Jim O’Sullivan, chief U.S. economist at High Frequency Economics told Reuters. “However, ADP is far from infallible for signaling the more volatile payrolls data.”
A change in ADP’s methodology last year has meant that it’s been significantly closer to the Labor Department’s numbers. It has, for example, been off by less than 10,000 jobs in the past two months.
Remember when, in the wake of Donald Trump’s election, many in the media suggested that there would be a total economic collapse? I wonder when that’s going to happen. It certainly doesn’t look like it. In fact, while we’re still very early in the Trump presidency, we’ve seen some pretty impressive gains.
And where is the media on this? Almost silent, as always. They put the fear-mongering on the front page and bury the real economic data that disproves it as far back as possible.
Tired of winning yet, America?
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