Mild weather bolsters US private payrolls in February

WASHINGTON: U.S. private payrolls increased more than expected in February, pointing to labor market strength before a recent escalation of recession fears ignited by the coronavirus epidemic that prompted an emergency interest rate cut from the Federal Reserve.

The fast-spreading coronavirus has killed more than 3,000 people and sickened at least 90,000, mostly in China. In the United States, nine people have died from the illness associated with the virus and the number of infections exceeded 100. The ADP report was published ahead of the government's more comprehensive employment report for February scheduled for release on Friday. The survey was conducted during the week including the 12th day of the month, to match the period when the government canvasses business establishments for the non-farm payrolls component of the closely watched employment report.The dollar was trading higher against a basket of currencies. U.S. Treasury prices were mostly higher.

While the ADP has a poor record predicting the private payrolls component of the government's employment report because of methodology differences, the bigger-than-expected increase in hiring last month suggested that labor market fundamentals remain solid.

Source: News Formal (newsformal.com)

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