The economy grew at a “blistering pace” according to the new jobs report out this morning.
Estimates were 190K new jobs, but the report blew by that number coming in at 298K new jobs.
Call it the Trump Effect, since this report encompasses Trump’s full first month in office.
Here are more details from CNBC:
Companies added jobs at a blistering pace in February, with a notable shift away from the service-sector positions that have dominated hiring for years, according to a report Wednesday.
Employment in the private sector surged by 298,000 for the month, with goods producers adding 106,000, ADP and Moody’s Analytics said. Construction jobs swelled by 66,000 and manufacturing added 32,000.
The total shattered market expectations of 190,000, according to economists surveyed by ADP. The blockbuster report also solidified market expectations for the Fed to hike interest rates next week. Probability for an increase jumped to 91 percent after the release, according to the CME.
The report encompassed the first full month under President Donald Trump, who has pledged to rebuild the nation’s aging infrastructure system.
“February proved to be an incredibly strong month for employment with increases we have not seen in years,” Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in a statement.
In addition to the construction and manufacturing positions, mining and natural resources also contributed 8,000 to the total. Trump has promised to restore mining jobs as well.
Read the full report here: http://www.cnbc.com/2017/03/08/private-sector-jobs-february-2017-adp.html