Economy, Small Business

Economic Data Roundup (03/07/2018)

3/7/18 12:00 PM

iStock_90441743_SMALL.jpgPrivate-sector payrolls in America rose by 235K in February, according to a new report from ADP. That is down from January’s upward-revised 244K gain but better than expected and enough to raise the 3-month average pace of job creation to the best reading in almost three years. Under the hood, most of the private-sector payrolls added last month were as usual found in the services sector (+198K), but the goods-producing sector also posted a solid 37K gain thanks to strong manufacturing and construction hiring. As for small business job creation, payrolls at firms with 1-49 employees rose by 68K in February, the fifth monthly gain in a row and equal to nearly a third of all the private-sector payrolls added to the economy. Mark Zandi, chief economist of Moody’s Analytics, added that “The job market is red hot and threatens to overheat. With government spending increases and tax cuts, growth is set to accelerate.”


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Sources: Econoday, ADP

Post author: Charles Couch