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U.S. private payrolls exceed expectations, ADP reports

According to Automatic Data Processing Inc. (ADP), private sector employment in the United States rose by 242,000 jobs in February, surpassing analysts’ expectations of 205,000 jobs. This marks a significant increase from the 119,000 jobs added in January.

The service sector accounted for the majority of the job growth, adding 190,000 jobs in February. Meanwhile, the manufacturing sector added 52,000 jobs, indicating a rebound in this industry.

The ADP report offers a positive outlook for the US labor market, which has been slowly recovering from the impact of the COVID-19 pandemic. The service sector, in particular, has been hit hard by pandemic-related restrictions, but the February data suggests that this industry is starting to bounce back.

The strong job growth in the manufacturing sector is also a positive sign, as this sector has struggled in recent years due to factors such as automation and outsourcing. However, the industry has been showing signs of recovery in recent months, and the ADP report suggests that this trend may be continuing.

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