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ADP: Private Employment Increased 475,000 in February

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by Calculated Risk on 3/02/2022 08:19:00 AM

From ADP:

Private sector employment increased by 475,000 jobs from January
to February according to the February ADP(R) National Employment ReportTM. Broadly
distributed to the public each month, free of charge, the ADP National Employment Report is produced by
the ADP Research Institute(R) in collaboration with Moody’s Analytics. The report, which is derived from
ADP’s actual data of those who are on a company’s payroll, measures the change in total nonfarm private
employment each month on a seasonally-adjusted basis

“Hiring remains robust but capped by reduced labor supply post-pandemic. Last month large companies
showed they are well-poised to compete with higher wages and benefit offerings, and posted the
strongest reading since the early days of the pandemic recovery,” said Nela Richardson, chief economist,
ADP. “Small companies lost ground as they continue to stuggle to keep pace with the wages and benefits
needed to attract a limited pool of qualified workers.”

emphasis added

This was above the consensus forecast of 320,000 for this report.

The BLS report will be released Friday, and the consensus is for 400 thousand non-farm payroll jobs added in February. The ADP report has not been very useful in predicting the BLS report, but this suggests a solid February BLS report.

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