The non-farm private sector gained 77,000 jobs in February and annual pay was up 4.7% Year-over-Year, according to the ADP National Employment Report. This follows an upward revision of January’s report from 183,000 to 186,000.
Small businesses with fewer than 50 employees lost 12,000 jobs. Medium-sized businesses with 50-499 employees gained 46,000 jobs and large businesses gained 37,000.
“Policy uncertainty and a slowdown in consumer spending might have led to layoffs or a slowdown in hiring last month,” said Nela Richardson, chief economist, ADP. “Our data, combined with other recent indicators, suggests a hiring hesitancy among employers as they assess the economic climate ahead.”
Service-providing employment gained 36,000 jobs driven by gains in leisure/hospitality which grew by 41,000, followed by professional/business services which grew by27,000.
Goods producing-employment gained 42,000 jobs. Construction gained 26,000 jobs, followed by manufacturing gaining 18,000 jobs, while natural resources/mining lost 2,000 jobs.
Read the ADP report.
