Washington: US private-sector hiring posted the biggest increase in nearly six years last month, while the goods-producing sector saw record job growth, payroll services firm ADP reported yesterday.
The second straight month of very strong jobs data will play into President Donald Trump’s focus on manufacturing jobs, which he has promised to bring back to America.
But if the strong gains continue, it could mean lending rates will rise faster than currently expected, as the US central bank closely monitors the so-far tame inflation threat.
Total private payrolls increased an eye-popping 298,000 in the month, beating the consensus forecast for a 180,000 rise, and outpacing the strong 261,000 increase in January. It was the biggest increase in private employment since April 2011. But the highlight of the data was the goods-producing industries which posted the biggest increase in the history of the report, going back to April 2002. The sector added 106,000 workers last month, while services firms increased 193,000.
“February proved to be an incredibly strong month for employment with increases we have not seen in years,” said Ahu Yildirmaz, VP and co-head of the ADP Research Institute.
