The non-farm private sector gained 475,000 jobs in February, according to the ADP National Employment Report. This follows a revised January increase of 509,000 jobs.
Small businesses with fewer than 50 employees lost 96,000 jobs. Medium-sized businesses with 50-499 employees gained 18,000, while large businesses increased by 552,000 jobs.
“Hiring remains robust but capped by reduced labor supply post-pandemic. Last month large companies showed they are well-poised to compete with higher wages and benefit offerings and posted the strongest reading since the early days of the pandemic recovery,” said Nela Richardson, chief economist, ADP. “Small companies lost ground as they continue to struggle to keep pace with the wages and benefits needed to attract a limited pool of qualified workers.”
Service-providing employment gained 417,000 jobs, driven by gains in the leisure & hospitality and trade/transportation/utilities services sectors, which grew by 170,000 and 98,000 jobs respectively.
Goods-producing employment gained 27,000 jobs in February. The manufacturing sector gained 30,000 jobs and construction gained 26,000 jobs. Natural resources/mining also gained 2,000 jobs.
Read the ADP report.
