US: Private sector employment rises by 475K in February vs. 378K expected
- Employment in the US private sector rose by 475K in February said APD on Wednesday, more than the 378K expected.
- January's estimate was revised up to +509K from -301K.
- The dollar didn't react, but remains well supported not too far from recent highs in the 97.50 area.
Employment in the US private sector rose by 475,000 in February, monthly data published by the Automatic Data Processing (ADP) Research Institute revealed on Wednesday. That was well above economist forecasts for an employment gain of 378,000. Meanwhile, January's estimate of employment change saw a substantial upgrade to show a job gain of 509,000 on the month versus the previous estimate for a 301,000 job loss.
“Hiring remains robust but capped by reduced labor supply post-pandemic. Last month large companies showed they are well-poised to compete with higher wages and benefit offerings, and posted the strongest reading since the early days of the pandemic recovery,” said Nela Richardson, chief economist, ADP. “Small companies lost ground as they continue to struggle to keep pace with the wages and benefits needed to attract a limited pool of qualified workers.”
Market Reaction
The Dollar Index (DXY) does not seem to have reacted to the latest strong US jobs data and continues to trade well-supported close to multi-month highs in the 97.50 area with focus primarily still on geopolitics.
Author
Joel Frank
Independent Analyst
Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset
