Jobs Report Disappoints
The February ADP National Employment Report shows job growth, but not as much as expected (ADP)
– Private sector employment increased by 117,000 jobs from January to February
– Bloomberg’s survey of economists saw a median projection of an increase of 205,000
Last month was better than we thought as January saw an upward revision to 195,000 jobs.
Medium-sized businesses saw the most growth in February with 57,000 jobs created
– Small businesses created 32,000 jobs
– Big businesses created 28,000 jobs
This data highlights what we all clearly know which is we are not out of this pandemic just yet. Every indicator points to an economy ready to take off when we do turn the corner, but we just haven’t made it there yet. However, the announcement from President Biden yesterday that we could have a vaccine for every adult by May is a good indicator of where and when that upward swing might begin.