ADP: Private Sector Added 298000 Jobs in February

But the real encouraging part?

The service-providing sector added 193,000 jobs in February. It’s the highest level ever for this report from ADP. The gains were led by the construction industry, which tallied 66,000 more jobs, the biggest increase in 11 years, and 32,000 manufacturing jobs, the biggest increase in five years. Men working with their hands in skilled positions, a large part of that invisible America that spoke loud and clear on November 8.

All three benchmarks closed lower on Tuesday (http://www.marketwatch.com/story/us-stocks-on-pace-to-edge-lower-adding-to-prior-days-dip-2017-03-07), marking the first back-to-back decline for the S&P 500 and Dow industrials since late January.

The ADP and official government jobs report don’t always line up month to month, and hiring trends early in the year are often distorted by weather.

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

CNBC reported that “Companies added jobs at a blistering pace in February”, most notably in construction and manufacturing, ending a lengthy slump in both arenas.

The US Dollar (USD) extended upside movement against the Japanese Yen (JPY) on Wednesday, increasing the price of USD/JPY to more than 114.25 following the US ADP Employment Change news. While some economists argue that the president affects the economy less than you might think, there is speculation that the hiring surge is due at least in part to employers’ anticipation of reduced regulations and taxes under Trump.

Market expectations for a March rate hike soared to 90.8 percent after the ADP report, according to the CME Group’s FedWatch tool.

The European Central Bank’s monetary policy announcement may attract attention on Thursday along with US reports on weekly jobless claims and import and exports prices. “It’s my job as an economist to say, well, let’s not read too much into it. Trump and Republicans shouldn’t rest on their laurels before they get things done”.