ADP private employment report reviewed - Nomura

Analysts at Nomura offered their review of the key ADP private employment report.

Key Quotes:

"ADP reported a 235k increase in private employment in February, slightly above expectations (Nomura: 205k, Consensus: 200k)."

"The report is largely consistent with our expectation of a 205k increase in private employment in the BLS’ jobs report to be released on Friday."

"The strength in employment gains was broad-based with goods-producing industries contributing 37k and a solid 198k from service providers. On the goods side, construction (+21k) and manufacturing (+14k) were strong"

"For services, professional & business services, education & health services, leisure & hospitality and trade, transportation & utilities all increased by over 40k, a solid reading. Taken altogether, today’s ADP report is consistent with continued strength in the labor market, in line with our expectations."