US private sector employment, which is considered a leading indicator for employment data calculated via payrolls, increased beyond market expectations. According to the report prepared by ADP in collaboration with Moody’s Analytics, private sector employment rose by 242,000 in February. The market expectation was an increase of 205,000. The employment figure for the previous month was revised from 106,000 to 119,000. Employment decreased by 61,000 in small businesses, increased by 148,000 in medium-sized businesses, and increased by 160,000 in large businesses. While employment in the manufacturing sector increased by 52,000, employment in the service sector increased by 190,000. Non-farm employment figures will be announced on Friday.
