US private sector job growth recorded its biggest increase in more than a year in February amid a surge in construction and factory hiring, suggesting the economy remains on solid ground despite an apparent further slowdown in the first quarter.
In another upbeat sign for the labor market, payroll processor ADP released a report on Wednesday showing that private sector employment in the USA increased by much more than expected in the month of February.
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"Headline job growth is a good sign the economy is briskly moving along, and very well could speed up the pace of Fed action through 2017", said Jay Morelock, an economist at FTN Financial, in a note. Large firms lagged with 72,000.
For months the job market has been tightening, forcing employers to hang onto their workers and driving down jobless claims to their lowest level since the early 1970s.
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Popular Video Here is the powerful moment when President Trump honored the widow of a fallen Navy SEAL. The number far exceeded the 190,000 jobs that economists were expecting. Experts now believe the surge in job growth will prompt the Federal Reserve to increase interest rates by mid-March. "They are hiring more aggressively", he said. Health care added 38,000 new jobs and information-related services created 25,000 new positions.
Zandi also suggests the job market also received a boost from the unseasonably warm winter weather this year. "Much more than expected!" As a candidate, however, Trump argued that the unemployment rate was under-estimating the true state of joblessness in the country-and therefore the potential for renewing American job growth. The strong ADP number will likely raise forecasts for the Labor Department figure, which is now expected to come in a 185,000 additional jobs. The benchmark Shanghai Composite Index was down 0.05 percent to end at 3,240.66 points. The large number could cause economists to modify their anticipations for Friday's key nonfarm payrolls from the Labor Department.
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"Two months doesn't make a trend, but it seems like the stronger hiring is being driven by elevated business confidence due to the new administration's promises to lower taxes and reduce regulations", LinkedIn said in its report.