American employers added 298,000 new jobs in February which beat analyst expectations by more than 100,000.
Global payroll firm ADP released a report on Wednesday echoing huge job growth shown in Tuesday’s LinkedIn report. Both reports contain the first hard numbers that cover Trump’s first full month as president.
“Confidence is playing a large role,” Moody’s chief economist Mark Zandi, told CNBC in an interview. “Businesses are anticipating a lot of good stuff — tax cuts, less regulation. They are hiring more aggressively.”
Trump first referred to the LinkedIn numbers in a tweet relaying that January and February showed the strongest jobs growth since 2015.
LinkedIn Workforce Report: January and February were the strongest consecutive months for hiring since August and September 2015
— Donald J. Trump (@realDonaldTrump) March 8, 2017
Later Wednesday, the president tweeted the ADP results:
— President Trump (@POTUS) March 8, 2017
“February proved to be an incredibly strong month for employment with increases we have not seen in years,” ADP VP Ahu Yildirmaz said in a statement.
The ADP report showed that manufacturers added 32,000 jobs and construction firms added 66,000.
All major sectors showed growth with construction and professional services taking the lead at 66,000.
Finance services and mining rose the least with 4,000 and 8,000 new jobs respectively.
Wake up Right! Subscribe to our Morning Briefing and get the news delivered to your inbox before breakfast!