Economists raise the bar by 110,000 for the upcoming Feb job announcement -PB/TK
ADP: Businesses added booming 298,000 jobs in Feb. – P
Some economists are revising up their forecasts for this week’s February employment report after payroll processor ADP announced Wednesday that businesses added a booming 298,000 jobs.
ADP was expected to record 189,000 additional private-sector jobs, according to a Bloomberg survey of economists. Analysts project the Labor Department on Friday will tally 190,000 payroll gains in the public and private sectors.
Ian Shepherdson, chief economist of Pantheon Macroeconomics, raised his forecast to 250,000 job gains from 200,000 after the ADP release. While average monthly employment additions fell to 180,000 in 2016 from 226,000 the prior year, Shepherdson says he expects 200,000-plus advances on average “for the foreseeable future.” That view differs from the belief of many economists that the low 4.8% unemployment rate is supplying employers with fewer workers, tempering hiring.
Jim O’Sullivan of High Frequency Economics and Gus Faucher of PNC Financial Services Group, who both estimated Friday’s survey will show 225,000 additional jobs, cited “upside” risk to their projections.
Continue to usatoday.com article: http://www.usatoday.com/story/money/2017/03/08/adp-businesses-added-booming-298000-jobs-feb/98872942/
