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Economy in Brief

U.S. ADP: Job Growth Slowed in February; Earlier Figures Revised Higher
by Tom Moeller  March 4, 2015

The ADP/Moody's National Employment Report indicated that nonfarm private sector payrolls increased 212,000 last month (2.5% y/y). January's gain of 250,000 was revised from 213,000 while December's increase of 275,000 was revised from 253,000. The latest gain was the weakest in nine months and fell short of a 220,000 increase in the Action Economics Forecast Survey. The figures reflect annual benchmark revisions.

The ADP survey is based on ADP's business payroll transaction system covering 411,000 companies and nearly 24 million employees. The data are processed by Moody's Analytics Inc., then calibrated and aligned with the BLS establishment survey data.

Small business payrolls increased 94,000 (2.6% y/y), the weakest gain in six months. Jobs in medium-sized firms also slowed to 62,000 (2.6% y/y), the easiest rise since June. Large business payrolls improved slightly to 56,000 (2.3% y/y).

Jobs in the service sector increased 181,000 (2.5% y/y) following a 206,000 rise. It was the weakest gain in six months. Professional & business employment gained 34,000 (3.5% y/y). Jobs in trade, transportation & utilities increased 31,000 (1.9% y/y) while employment in the financial sector improved 20,000 (1.7% y/y). Employment in the goods producing sector gained 31,000 (2.7% y/y), the weakest rise since July.

Construction sector employment grew 31,000 (5.1% y/y), the same as in January. Manufacturing sector job creation slowed substantially to 3,000 (1.4% y/y), the weakest gin since January of last year.

The ADP National Employment Report data are maintained in Haver's USECON database; historical figures date back to April 2001. The figures in this report cover jobs only in the private sector. The expectation figure is available in Haver's AS1REPNA database.

ADP/Moody's National Employment Report Feb Jan Dec Y/Y 2014 2013 2012
Nonfarm Private Payroll Employment (m/m chg, 000s) 212 250 275 2.5% 2.3% 1.9% 2.3%
 Small Payroll (1-49) 94 97 123 2.6 2.1 1.9 2.5
 Medium Payroll (50-499) 63 106 85 2.6 2.8 2.2 2.1
 Large Payroll (>500) 56 47 67 2.3 1.8 1.6 2.1
Goods-Producing 31 45 59 2.7 2.3 1.7 2.2
  Construction 31 31 33 5.1 4.6 3.5 2.5
  Manufacturing 3 15 26 1.4 1.2 0.9 1.6
Service-Producing 181 206 215 2.5 2.3 2.0 2.3
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