ADP Employment report

Texas Border Business

The decline in non-farm private employment slowed in February according to the ADP Employment Report. The economy shed 20K jobs compared to 60K in the prior month. The report stated that February’s severe weather conditions only had a minimal affect on the results, but that the BLS’s Non-Farm Payrolls report, to be released on Friday, could feel more of an impact.

The services sector is leading the improvement in the employment situation. It added 45K jobs in February, up from 10K in the previous month. Job losses in the goods producing sector slowed to 37K from 70K. The manufacturing industry added 3K jobs for the first time since January 2008, and job losses in construction slowed to 41K from 48K.

Another positive take away from the report is that medium sized businesses added 8K jobs for the first time since January 2008. Furthermore, layoffs at large and small businesses slowed to 10K and 18K respectively.

Bottom-line: The ADP employment report highlighted some positive signs for employment, indicating that the labor market continues to stabilize. While we expect Friday’s non-farm payroll report to also illustrate continued improvement in the services sector, particularly in temporary help services, the data could show a rise in job losses due in part to February’s severe weather conditions.

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