ADP Says Companies in U.S. Hired the Most in Almost Three Years
ADP Beat Is Sign of Labor Slack, Says Danny Blanchflower
Companies added the most workers in almost three years to U.S. payrolls in February on a surge in construction and manufacturing employment, data from the ADP Research Institute in Roseland, New Jersey, showed Wednesday.
The U.S. labor market is continuing its strong run as demand chugs along, potentially benefiting from increased optimism about the economic outlook under President Donald Trump. Claims for unemployment benefits are the lowest in almost 44 years, signaling employers are keeping firings at a minimum. The ADP figures provide some insight ahead of Friday’s release of the Labor Department’s monthly employment report, which is projected to show a 190,000 increase in private jobs.