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Company Payrolls Rise by 139,000 in February
U.S. companies boosted payrolls by 139,000 in February, according to a private report released March 5.
The employment increase followed a revised 127,000 gain in January that was smaller than the initial estimate, according ADP Employer Services.
Economists had forecast a 155,000 increase in February, Bloomberg News reported.
Construction employment increased by 14,000 in February and factories added 1,000 workers, Bloomberg reported.
鈥淓mployment was weak across a number of industries,鈥 Mark Zandi, chief economist at Moody鈥檚 Analytics Inc., said in a statement. 鈥淏ad winter weather, especially in mid-month, weighed on payrolls. Job growth is expected to improve with warmer temperatures.鈥
Job growth would help generate more incomes and spur consumer spending, which accounts for about 70% of the economy, according to Bloomberg.
The Labor Department will release its monthly employment report March 7, with economists forecasting an increase of 154,000 workers, Bloomberg reported.
