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US Private Sector Added Better-Than-Anticipated 475,000 Jobs in February

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US Private Sector

US private-sector businesses added 475,000 jobs in jobs as the Covid-19 cases plummeted.

Source: ADP

DXY up +0.13%, EUR USD down -0.13%

That figure easily surpassed the median estimate of 378,000 new jobs but marked a drop from the revised January growth.

The prior month saw daily COVID-19 infections plunge back to less concerning levels as the Omicron variant waned.

Even though the initial ADP estimate signaled private payrolls dropped for the first time in a year in January, the BLS posted that the private sector hired 444,000 workers, with massive upward revisions to employment gains in November and December.

Non-farm payrolls are likely to expand by 400,000 jobs after surging 467,000 in January. Private payrolls are forecasted to grow by 378,000 jobs in February.

 

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