[UPDATE] U.S. private sector added 212,000 jobs in February – ADP report

The United States economy added an estimated 212,000 private sector jobs during the month of February, fewer than expected, according to a report released on Wednesday by payroll processor ADP.

The ADP survey, which is derived from actual payroll data and measures the change in total nonfarm private employment each month, showed private-sector employment increased by 212,000 in February on a seasonally adjusted basis. But the estimated gain in January was revised up by 37,000 to 250,000..

"While February’s job gains came in slightly lower than recent months, the trend of solid growth above 200,000 jobs per month continued,” said Carlos Rodriguez, president and chief executive officer of ADP.

Service-providing employment rose by 181,000 jobs in February, down from 206,000 in January, while professional/business services contributed 34,000 jobs, a drop-off from January’s 49,000. Expansion in trade/transportation/utilities grew by 31,000, a sharp decline from January’s 50,000. The 20,000 new jobs added in financial activities is an increase from last month’s 15,000 and marks the largest gain in that sector since March 2006.

The ADP report is a measure of employment derived from an anonymous subset of roughly 500,000 U.S. business clients. Economists say the U.S. economy needs to add at least 150,000 to 200,000 jobs every month to make a significant dent in the jobless rate and to keep up with the population growth in the country.

*LINK to full ADP report: http://adpemploymentreport.com/2015/February/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-February2015-Final-Press-Release.pdf

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