ADP Employment Report: 212,000 jobs added to the economy in February

ADP sees slowing for Friday's February payrolls, estimating that private payrolls rose 212,000 which is 8,000 below consensus for the ADP report. But ADP's data also includes a big upward revision for January, to 250,000 vs an initially reported 213,000. The results aren't likely to shift expectations for Friday's government data where the corresponding Econoday consensus is 225,000 vs January's 267,000.

Breaking down ADP's estimate, service-providing industries are up 181,000 in February vs 206,000 in January with goods-producing industries up 31,000 vs 45,000. Further detail shows professional services up 34,000 vs January's 49,000 with construction up 31,000 vs 45,000. Growth in trade & transport is 31,000, down from 50,0000. Financial activities are up 20,000 vs 15,000 with manufacturing up only 3,000 vs a gain of 15,000 in January.

KarlRove wrote:212k minimum wage jobs