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ADP Private Payroll Estimate Falls Short of Expectations

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http://www.breitbart.com/economy/2021/03/03/adp-private-payroll-estimate-falls-short-of-expectations/

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Private payrolls grew by less than expected in February, according to data released Wednesday.

U.S. businesses added just 117,000 workers in February, data from payroll provider ADP indicate. Economists surveyed by Econoday had forecast job growth of 165,00. Other surveys had the forecast even higher.

January’s figures were revised up to 195,000 from the initial estimate of 174,000.

Manufacturing lost 14,000 jobs in the month, according to ADP. The services sector added 131,000.

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Small businesses added 32,000 jobs, ADP estimates. Medium business, those with between 50 and 499 employees, added 57,000. Large businesses came in at 28,000.

The figures indicate that the official nonfarm payrolls will grow by 210,000, according to ADP. That number, which includes public sector jobs, will be released Friday.

ADP had a rocky year last year as its estimates consistently failed to track job growth amid the chaos caused by the pandemic.

February was a volatile month for the U.S. economy with the cold snap in the South West shutting down large parts of Texas and neighboring states, shuttering oil production facilities and many other businesses.

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