Job Growth Explodes, 298K Private Sector Jobs Created in February

Companies added jobs at a blistering pace in February, with a notable shift away from the service-sector positions that have dominated hiring for years, according to a report Wednesday.

Employment in the private sector surged by 298,000 for the month, with goods producers adding 106,000, ADP and Moody’s Analytics said. Construction jobs swelled by 66,000 and manufacturing added 32,000.

The total shattered market expectations of 190,000, according to economists surveyed by ADP. The blockbuster report also solidified market expectations for the Fed to hike interest rates next week. Probability for an increase jumped to 91 percent after the release, according to the CME.

 The report encompassed the first full month under President Donald Trump, who has pledged to rebuild the nation’s aging infrastructure system.
About ronfutrell 547 Articles
33 years covering sports, news and entertainment in Las Vegas.