In February, the US ADP employment report came out very close to expectations. According to the ADP, private employment increased by 216 000, up from a revised 173 000 in January. The consensus was looking for an increase by 215 000. The details show that the improvement was broad based as employment picked up in all sizes of firms: small from 93 000 to 108 000, medium from 76 000 to 88 000 and large-size from 4 000 to 20 000. Also sector data confirm that the pick-up was wide-spread as hiring accelerated in goods-producing (46 000 from 24 000), partly due to continued strength in the manufacturing sector (21 000 from 16 000). In service-producing, employment growth accelerated from 149 000 to 170 000. The outcome suggests that labour market conditions remain strong in February. Recently the correlation between the ADP measure and official payrolls report was not always as tight as it used to be and therefore, we are cautious to draw strong conclusions from it for the payrolls report. Nevertheless, as the ADP report came out very close to the consensus estimate for both the ADP measure and BLS report, we have no reasons to adjust our payrolls forecasts, and believe that another strong report is likely.