Economic Report: ADP says February was third-best month of jobs growth of the recovery

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The private sector recorded the third-best showing for jobs creation during the current economic recovery, according to new figures released by payrolls processor ADP on Thursday.

The U.S. added 298,000 private-sector jobs in February, the most since April 2014, according to ADP.

ADP report is based on its own data as a payrolls processor, as well as other calculations it doesn’t make public.

ADP’s report wasn’t just strong at the headline — it also suggested growth in well-paying fields, as construction and professional & business sectors each added 66,000 jobs. While the relatively lower-paid education & health and leisure & hospitality each added another 40,000 jobs, manufacturers added 32,000 jobs.

The ADP report suggests the official nonfarm payrolls report from the Labor Department, which also covers government jobs, will come in well ahead of the current 200,000 consensus.

The February report from the government will be key for two reasons. One, Federal Reserve officials including Chairwoman Janet Yellen have said it’s likely to raise interest rates as long as key economic data doesn’t dissuade them. The Fed decides interest rates next week.

The other point is that February marks the first full month of the Donald Trump presidency. The stock market has rallied and business confidence surveys have boomed on the prospect of less taxes and regulation and more infrastructure spending.

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