US private sector adds 2,98,000 jobs in February: Report

The unemployment rate is forecast to tick down to 4.7% from the 4.8% recorded earlier

US private employers added 2,98,000 jobs in February, well above economists' expectations, a report by a payrolls processor showed on Wednesday.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 190,000 jobs, with estimates ranging from 150,000 to 247,000.

Private payroll gains in the month earlier were revised up to 2,61,000 from an originally reported 2,46,000 increase.

The report is jointly developed with Moody's Analytics.

The ADP figures come ahead of the US Labor Department's more comprehensive non-farm payrolls report on Friday, which includes both public and private-sector employment.

Economists polled by Reuters are looking for US private payroll employment to have grown by 1,93,000 jobs in February, down from 2,37,000 the month before. Total non-farm employment is expected to have changed by 1,90,000.

The unemployment rate is forecast to tick down to 4.7 per cent from the 4.8 per cent recorded a month earlier.