The non-farm private sector gained 242,000 jobs in February, according to the ADP National Employment Report. This follows a revised January increase of 119,000 jobs.
Small businesses with fewer than 50 employees lost 61,000 jobs. Medium-sized businesses with 50-499 employees gained 148,000 while large businesses gained 160,000 jobs.
“There is a tradeoff in the labor market right now. We’re seeing robust hiring, which is good for the economy and workers, but pay growth remains quite elevated. The modest slowdown in pay increases, on its own, is unlikely to drive down inflation rapidly in the near-term,” said Nela Richardson Chief Economist, ADP.
Service-providing employment gained 190,000 jobs, driven by gains in the leisure/ hospitality and financial activities, which grew by 83,000 and 62,000 jobs respectively.
Goods-producing employment gained 52,000 jobs in February. The Construction sector lost 16,000 jobs. Natural resources/Mining gained 25,000 and Manufacturing gained 43,000 jobs respectively.
Read the ADP report.
