US ADP Report: U.S. economy and manufacturing strong

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

ADP number shows the US labor markets remains strong.

There are two things to note in the headline that,

• ADP report indicates underlying strength in the economy. Trump effect remains active completely as goods-producing sector adding jobs, especially manufacturing.

• January payroll saw a revision, where the headline was revised up to 244,000 (from 234,000).

Key highlights –

• Non-farm private sector employment grew at 235,000 in February, the median expectation was for 195,000.
• The small business sector added 68,000 jobs, compared to 58,000 gain last month.
• Employment in franchise increases to 24,700 compared to last month’s 19,700.
• Mid-sized companies added 97,000 jobs compared to last month’s 91,000 jobs.
• The large sector added just 70,000 compared to last month’s 85,000 jobs.
• Manufacturing sector payroll registered 14,000 jobs gain compared to 12,000 jobs gain last month.
• 37,000 jobs were gained in the goods-producing sector, compared to last month’s 22,000 jobs gain.
• The construction sector added 21,000 jobs, compared to last month’s 9,000 jobs gain.
• Services sector employment remains high as payroll added 198,000 people in February. January gain was 212,000.

The dollar index is currently trading at 89.58, up 0.17 percent for the day so far.