US firms add 198,000 jobs in Feb
WASHINGTON: Private employers hired more workers than expected last month and demand for a range of factory goods was solid in January, hopeful signs for the economy as it deals with higher taxes and deep government budget cuts.
Private employers added 198,000 jobs to payrolls last month, the ADP National Employment Report showed, handily beating economists' expectations for an increase of 170,000. There were solid gains in construction, where payrolls rose by 21,000.
The report is jointly developed with Moody's Analytics.
"It feels like underlying job growth continues to improve, and at the current pace, this should be enough to start bringing down unemployment," said Mark Zandi, chief economist at Moody's Analytics.
The jobless rate is currently at 7.9 per cent. Reuters