Private sector employment increased by 298,000 jobs from January to February according to the February ADP National Employment Report.
The ADP National Employment Report is produced by the ADP Research Institute in collaboration with Moody’s Analytics.
The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
The total shattered market expectations of 190,000, according to economists surveyed by ADP.
‘February proved to be an incredibly strong month for employment with increases we have not seen in years,’ Ahu Yildirmaz, vice president of the ADP Research Institute, said in a statement.