*from www.bloomberg.com, Mar. 6, 2013 (To view original article click here.)
Take Away #1: Companies added more workers than projected in February, indicating the U.S. job market will keep expanding this year, according to a private report by the ADP Research institute.
Key Facts and Figures:
- The 198,000 increase in employment followed a revised 215,000 gain the prior month that was more than initially estimated.
- The median forecast of 41 economists surveyed by Bloomberg called for an advance of 170,000.
Take Away #2: The job market remains sturdy in the face of significant fiscal headwinds, like budget reductions and spending cuts.
Key Facts and Figures:
- A Labor Department report this week may show private payrolls rose by 167,000 last month.
- “Tax increases and government spending cuts don’t appear to be affecting the job market,” says Mark Zandi or Moody’s Analytics Inc.
- Estimates in the Bloomberg Survey for the ADP figure ranged from gains of 125,000 to 210,000. The prior month’s figure was revised from a previously reported increase of 192,000.
Take Away #3: Stock futures advanced, indicating the Dow Jones Industrial Average will extend its highest level ever.
Key Facts and Figures:
- The contract on the S&P 500 Index expiring this month rose 0.4% to 1,543.70 at 8:41 a.m. in New York.
- Dow futures rose 57 points or 0.4%.
Take Away #4: Goods-producing industries and payrolls at service providers advanced, across a range of business sizes.
Key Facts and Figures:
- Goods-producing industries, which include manufacturers and construction companies increased headcount by 34,000.
- Employment in construction rose by 21,000.
- Factories added 9000 jobs.
- Payrolls at service providers advanced 164,000 in February.
- Companies employing more than 499 workers added 57,000 jobs.
- Medium-sized businesses with 50-499 employees, took on 65,000 and small companies increased payrolls by 77,000.
- ADP in October changed the method it had used to calculate employment figures and the report is now derived from a larger sample using a new methodology.
- The Labor Department may report on March 8 that overall hiring, including government jobs, climbed 160,000 last month after rising 157,000 in January.
- The jobless rate held at 7.9%, economists predicted.
*To view original article from www.bloomberg.com click here.