US ADP Report: Blockbuster

Today ADP employment numbers were released from US for the month of February.

ADP number shows the US labor markets are showing a lot of volatility lately.

There are two things to note in the headline that,

• January begins solid.

• January payroll got a revision. It has now revised to 261,000 (up from 246,000).
   

Key highlights –

• Non-farm private sector employment grew at 298,000 in February, the median expectation was for 190,000.
• Small business sector hiring at 104,000, compared to 62,000 last month.
• Employment in franchise increased to 17,100 compared to last month’s 23,300.
• Mid-sized companies added 122,000 jobs compared to last month’s 102,000 jobs.
• Large sector added just 72,000 compared to last month’s 83,000 jobs.
• Manufacturing sector payroll registered 32,000 jobs gains compared to 15,000 job gain last month.
• 106,000 jobs were gained in goods producing sector, compared to last month’s 46,000 jobs gains.
• Construction sector saw 66,000 jobs gains, compared to last month’s 25,000 jobs gain.
• Services sector employment remains robust as payroll added 193,000 people in February. January gains were 201,000.

Dollar index is currently trading at 102.15, up by 0.3% for the day so far. Remember the focus is on election in Europe, but another massive hit for the dollar.