Private Employers Added 298000 Jobs in February, Survey Finds

Signs point to a robust report, proof that the president inherited a solid economic foundation from predecessor Barack Obama despite Trump's calls to the contrary. "It would reinforce the warning that I have been making that rates could rise faster and go higher than the markets now anticipate".

"February proved to be an incredibly strong month for employment with increases we have not seen in years", Ahu Yildirmaz, vice president of the ADP Research Institute, said also. However, the goods-producing sector, which includes manufacturing, gained a record 106,000 jobs.

"Unseasonably mild winter weather undoubtedly played a role [in February's strong report]", Zandi said in a press release. The construction industry added 60,000 jobs and manufacturing added 32,000.

Economists had forecast a gain by 187,000 private payrolls, slowing from a 246,000 gain in January, according to Bloomberg.

USA stocks closed mixed after wavering in a narrow range Wednesday, as investors digested the country's strong employment data. Large firms lagged with 72,000.

The unemployment rate is forecast to tick down to 4.7 percent from the 4.8 percent recorded a month earlier.

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Friday's nonfarm payrolls report should be enough for the Fed to determine whether to make a move higher on rates at their meeting on March 14-15. "Tightening financial conditions and further rises in uncertainty could trigger a significant slowdown in US, but also global growth". Data on trade, consumer, business and construction spending were soft in January. Unit labor costs advanced by an unrevised 1.7% rate.

The data, which is extracted from ADP payroll data, is frequently seen as a predictor of the Labor Department's monthly employment report, which is due out Friday.

It was welcome news to social media, with one calling it a "Trump bump". The benchmark Shanghai Composite Index was down 0.05 percent to end at 3,240.66 points.

Crude for April delivery plunged $2.86 to $50.28 a barrel following the release of a report showing a substantial increase in crude oil inventories last week.

Productivity has risen at an average annual rate of 0.6 percent over the last five years, well below its long-term rate of 2.1 percent from 1947 to 2016.

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