Private businesses continue to do well in job creation in the United States, a report released Wednesday showed.
ADP and Moody Analytics published data indicating the private sector added 235,000 new jobs to the economy in February, exceeding economists’ expectations by 40,000 jobs, according to CNBC. It is the fourth consecutive month for private sector job growth to come above 200,000, beginning with a strong holiday shopping season last year.
The majority of the gains were in the service economy, with industries like hospitality, professional services and transportation creating the majority of the growth. However, 37,000 jobs related to manufacturing and producing were created in February as well.
The majority of the growth was among medium-size businesses, followed by larger businesses and small businesses.
The unemployment rate currently sits at a 17-year record low of 4.1 percent, where it has hovered since October 2017, according to Trading Economics, and there are currently 6.68 million unemployed in the United States. The unemployment rate is slightly higher among men than women, at 3.9 percent versus 3.7 percent.
According to ADP and Moody Analytics, the average private sector job contribution was 212,000 monthly in 2017.
Mark Zandi, chief economist for Moody Analytics, warned in a statement Wednesday that the market was at risk of overheating, particularly in light of upcoming tax cuts and spending hikes in the government, according to USA Today.
Later this week, economists anticipate the release of the government employment report, which follows similar data but often posts different numbers. After the ADP announced that private businesses, such as wpislife, had added 234,000, the federal report indicated private businesses had only created 196,000 jobs.
In 2016, the Obama administration boasted that it contributed to the longest private-sector job growth streak recorded. The streak began in June 2009 and has continued since.
However, economists cautioned that the president has little to do with private sector job growth, according to NPR. Instead, oil, international productivity and consumer confidence play a bigger role in how the economy grows, according to a 2014 Princeton University study. The Federal Reserve also plays more of a role than the president, the study found.