AFP, Washington :
US private-sector hiring posted the biggest increase in nearly six years last month, while the goods-producing sector saw record job growth, payroll services firm ADP reported Wednesday.
The second straight month of very strong jobs data will play into President Donald Trump’s focus on manufacturing jobs, which he has promised to bring back to America.
But if the strong gains continue, it could mean lending rates will rise faster than currently expected, as the US central bank closely monitors the so-far tame inflation threat.
Total private payrolls increased an eye-popping 298,000 in the month, beating the consensus forecast for a 180,000 rise, and outpacing the strong 261,000 increase in January, which was revised up from the initial figure.
It was the biggest increase in private employment since April 2011.
But the highlight of the data was the goods-producing industries which posted the biggest increase in the history of the report, going back to April 2002. The sector added 106,000 workers last month, while services firms increased 193,000.
“February proved to be an incredibly strong month for employment with increases we have not seen in years,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
The data, which is extracted from ADP payroll data, is frequently seen as a predictor of the Labor Department’s monthly employment report, which is due out Friday.
The consensus forecast is for an increase of 188,000 in total payrolls and 185,000 for private jobs, but economists may revise their estimates upward following the ADP report.
Trump has consistently repeated his campaign pledge to bring manufacturing jobs back to US shores, and has turned to Twitter frequently to pressure specific companies-a tactic that has had some success.
ADP reported a gain of 32,000 manufacturing jobs, taking the sector to its highest level since January 2009.
In a tweet early Wednesday, prior to release of the ADP data, Trump touted a little-know Linkedin hiring report released Tuesday, showing jobs increases in January and February that were the “strongest consecutive months of hiring since August and September 2015.”
US private-sector hiring posted the biggest increase in nearly six years last month, while the goods-producing sector saw record job growth, payroll services firm ADP reported Wednesday.
The second straight month of very strong jobs data will play into President Donald Trump’s focus on manufacturing jobs, which he has promised to bring back to America.
But if the strong gains continue, it could mean lending rates will rise faster than currently expected, as the US central bank closely monitors the so-far tame inflation threat.
Total private payrolls increased an eye-popping 298,000 in the month, beating the consensus forecast for a 180,000 rise, and outpacing the strong 261,000 increase in January, which was revised up from the initial figure.
It was the biggest increase in private employment since April 2011.
But the highlight of the data was the goods-producing industries which posted the biggest increase in the history of the report, going back to April 2002. The sector added 106,000 workers last month, while services firms increased 193,000.
“February proved to be an incredibly strong month for employment with increases we have not seen in years,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
The data, which is extracted from ADP payroll data, is frequently seen as a predictor of the Labor Department’s monthly employment report, which is due out Friday.
The consensus forecast is for an increase of 188,000 in total payrolls and 185,000 for private jobs, but economists may revise their estimates upward following the ADP report.
Trump has consistently repeated his campaign pledge to bring manufacturing jobs back to US shores, and has turned to Twitter frequently to pressure specific companies-a tactic that has had some success.
ADP reported a gain of 32,000 manufacturing jobs, taking the sector to its highest level since January 2009.
In a tweet early Wednesday, prior to release of the ADP data, Trump touted a little-know Linkedin hiring report released Tuesday, showing jobs increases in January and February that were the “strongest consecutive months of hiring since August and September 2015.”
