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Nonfarm private sector employment in the United States grew by a whopping 298,000 in February, according to actual payroll data compiled by the ADP National Employment Report. The U.S. economy has not had such a stellar monthly job number in years.
Unfortunately for the franchise industry, franchises did not participate in the month's hiring boom. Franchised establishments had a meager increase of 17,100 franchise jobs in February of 2017. That is down from the average increase in job hiring and down from February of last year's 18,500 and the year before. The super-sized segments in the industry of franchised restaurants and hoteliers increased the most in hiring numbers, with an employment growth 13,700 jobs in restaurant franchises and an increase over the previous month of 800 in accommodations.
"February proved to be an incredibly strong month for employment with increases we have not seen in years," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "Gains were driven by a surge in the goods sector, while we also saw the information industry experience a notable increase."
Small businesses, those that have between one to fifty employees, created 104,000 jobs during the month. The service-providing small businesses increased the most, hiring 65,000.
Mark Zandi, chief economist of Moody's Analytics, said, "February was a very good month for workers. Powering job growth were the construction, mining and manufacturing industries. Unseasonably mild winter weather undoubtedly played a role. But near record high job openings and record low layoffs underpin the entire job market."