US private sector payroll growth jumps past forecasts in February
By Alexander Bueso
Date: Wednesday 02 Mar 2022
(Sharecast News) - US job growth was more robust than expected last month, even as smaller sized firms shed workers, the results of a closely-followed survey revealed.
According to consultancy ADP, private sector payrolls in America grew by 475,000 in February.
That outcome bested economists' forecasts for an increase of 310,000 by a comfortable margin.
Large-sized enterprises recorded the biggest increase in hiring, recording payroll growth of 552,000.
Small companies on the other hand, which are those with between 1 and 49 employees, shed 96,000 workers, while medium-sized firms, or those with 50 to 499 employees, added 18,000 persons to their payrolls.
Services sector companies generated 417,000 positions, with leisure and hospitality companies accounting for the bulk of job creation, to the tune of 170,000.
Trade, Transportation and Utility companies meantime took on 98,000 more people, followed by a 72,000 person increase among professional and business firms.
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