Private payrolls rose by 242,000 in February, better than expected, ADP says

[mahatmakanejeeves]

Source: CNBC

ECONOMY

Private payrolls rose by 242,000 in February, better than expected, ADP says

PUBLISHED WED, MAR 8 2023 8:15 AM EST UPDATED 47 MIN AGO

Jeff Cox
@JEFF.COX.7528 https://facebook.com/jeff.cox.7528
@JEFFCOXCNBCCOM https://twitter.com/JeffCoxCNBCcom

KEY POINTS
-- Private payrolls in February increased by 242,000 versus the estimate for 205,000 and above the 119,000 in January, ADP reported Wednesday.
-- Leisure and hospitality led job growth with 83,000 additions. Financial activities added 62,000 while manufacturing showed a 43,000 gain.
-- The ADP report comes two days before the government’s nonfarm payrolls count, which is expected to show a gain of 225,000.

Companies added jobs at a brisk pace in February as the U.S. labor market kept humming, payroll services firm ADP reported Wednesday.

Private payrolls increased by 242,000 for the month, ahead of the Dow Jones estimate for 205,000 and well above the upwardly revised 119,000 jobs gain, from 106,000, in January. (1)

Wage growth decelerated slightly, with those remaining in their jobs seeing a 7.2% annual increase, down 0.1 percentage point from a month ago. Job changers saw growth of 14.3%, compared with 14.9% in January.

{snip}

The ADP report serves as a precursor to the more closely followed nonfarm payrolls report the Labor Department is schedule to release Friday. ... Though ADP last year entered into a new partnership with Stanford University, the two counts still have differed by large margins in some cases. For instance, the Labor Department estimated payrolls rose 517,000 in January, more than four times what ADP reported. (2)

{snip}

(1) https://www.cnbc.com/2023/02/01/adp-jobs-report-january-2022-.html

(2) https://www.cnbc.com/2023/02/03/jobs-report-january-2023-.html

Read more: https://www.cnbc.com/2023/03/08/adp-jobs-report-february-2023-.html

[Grins]

1. Oh, shit!!! Not another Biden success!!!

One more thing for Fox to - ignore.

[mahatmakanejeeves]

2. Links to earlier reports:

Last edited Fri Mar 10, 2023, 01:19 PM - Edit history (2)

Wed Mar 8, 2023: Links to earlier reports: (this one)

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Wed Aug 3, 2022: ADP has suspended its report until September.

Fri Jul 8, 2022: Links to earlier reports:

Wed Jul 6, 2022: ADP has suspended its report until September.

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Fri Nov 5, 2021: (I had to split the links into two posts, due to "Forbidden 403" issues)

Links to earlier reports:

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Wed Nov 3, 2021: Links to earlier reports:

-- -- -- -- -- --

[center]Past Performance is Not a Guarantee of Future Results.[/center]

Nonetheless, what is important is not this month's results, but the trend. Let’s look at some earlier numbers:

ADP^® (Automatic Data Processing), for employment in February 2023: (this one)

Wed Mar 8, 2023: Private payrolls rose by 242,000 in February, better than expected, ADP says

Bureau of Labor Statistics, for employment in January 2023:

Fri Feb 3, 2023: Payrolls increased by 517,000 in January, crushing estimates, as unemployment rate hit 53-year low

ADP^® (Automatic Data Processing), for employment in January 2023:

Wed Feb 1, 2023: Private payroll growth slowed to 106,000 in January as weather hit hiring, ADP says

Bureau of Labor Statistics, for employment in December 2022 (this one):

Fri Jan 7, 2023: Nonfarm payrolls rose 223,000 in December, as strong jobs market tops expectations

ADP^® (Automatic Data Processing), for employment in December 2022:

Wed Jan 5, 2023: Private payroll growth surged by 235,000 in December, well above estimate, ADP reports

Bureau of Labor Statistics, for employment in November 2022:

Payrolls rose by 263,000 in November, more than expected despite Fed rate hikes

ADP^® (Automatic Data Processing), for employment in November 2022:

Private hiring increased by just 127,000 jobs in November, well below estimate, ADP reports

Bureau of Labor Statistics, for employment in October 2022:

U.S. payrolls surged by 261,000 in October, better than expected as hiring remains strong

ADP^® (Automatic Data Processing), for employment in October 2022:

Private payrolls rose 239,000 in October, better than expected, while wages increased 7.7%, ADP says

Bureau of Labor Statistics, for employment in September 2022:

Jobs report: U.S. payrolls grew by 263,000 in September, unemployment rate falls to 3.5%

ADP^® (Automatic Data Processing), for employment in September 2022:

Businesses added 208,000 jobs in September, better than expected, ADP reports

Bureau of Labor Statistics, for employment in August 2022:

August jobs report: U.S. payrolls grew by 315,000 last month

ADP^® (Automatic Data Processing), for employment in August 2022:

Private payrolls grew by just 132,000 in August, ADP says in reworked jobs report

Bureau of Labor Statistics, for employment in July 2022:

Employers added 528,000 jobs in July, as the hot labor market powers on

ADP^® (Automatic Data Processing), for employment in July 2022:

ADP has suspended its report until September.

Bureau of Labor Statistics, for employment in June 2022:

June jobs report: Payrolls rise by 372,000 as unemployment holds at 3.6%

ADP^® (Automatic Data Processing), for employment in June 2022:

ADP has suspended its report until September.

Bureau of Labor Statistics, for employment in May 2022:

May jobs report: Payrolls rise by 390,000 as unemployment holds at 3.6%

ADP^® (Automatic Data Processing), for employment in May 2022:

U.S. Treasury yields fall as data show slowest job growth in pandemic recovery

Bureau of Labor Statistics, for employment in April 2022:

April jobs report: Payrolls rise by 428,000 as unemployment rate holds at 3.6%

[ADP^® (Automatic Data Processing), for employment in April 2022:

U.S. Companies Added 247,000 Jobs in April, ADP Data Show

Bureau of Labor Statistics, for employment in March 2022:

U.S. economy adds 431,000 jobs in March

ADP^® (Automatic Data Processing), for employment in March 2022:

Private payrolls rose by 455,000 in March, topping expectations: ADP

Bureau of Labor Statistics, for employment in February 2022:

February jobs report: Payrolls rise by 678,000 as unemployment rate falls to 3.8%

ADP^® (Automatic Data Processing), for employment in February 2022:

Private payrolls rose by 475,000 in February, topping expectations: ADP

Bureau of Labor Statistics, for employment in January 2022:

January jobs report: Payrolls jump by 467,000 as unemployment rate rises to 4.0%

ADP^® (Automatic Data Processing), for employment in January 2022:

Companies unexpectedly cut 301,000 jobs in January as omicron slams jobs market, ADP says

[bucolic_frolic]

3. Remote work, side gigs, payrolls will keep spending high

Biden economy has tail winds

[mahatmakanejeeves]

9. You're welcome.

[PSPS]

5. OMG! This "recession" is killing the economy!!1111!!11!

[republianmushroom]

6. good

[oldsoftie]

8. The Fed will use this as another excuse to keep raising rates. Jeeze.

NOT a good thing

[BumRushDaShow]

10. Friday's UE report should be interesting!

And good afternoon!!

[wolfie001]

11. Remember.....

....when the average, morbidly obese Trump supporter sucking dry the disability benefit system was complaining that no one wanted to work anymore? Yeah, right.

[IronLionZion]

12. Nobody wants to work anymore because foreigners are stealing our jobs

Seriously, the economy is in a strange place now. Lots of jobs and lots of people buying housing. Inventories are low for big purchases still.

[hamsterjill]

13. While these numbers are good.

Why does anyone listen to ADP? Horrible company!!!