The nonfarm private sector added 63,000 jobs in February, and annual pay was up 4.5% year-over-year, according to the ADP National Employment Report. This follows a downward revision of January’s report from 22,000 jobs to 11,000.
Small businesses with fewer than 50 added 60,000 jobs. Medium-sized businesses with 50–499 employees lost 7,000 jobs, while large businesses gained 10,000 jobs.
“We’ve seen an increase in hiring and pay gains remain solid, especially for job-stayers,” said Dr. Nela Richardson, chief economist, ADP. “But with hiring concentrated in only a few sectors, our data shows no widespread pay benefit from changing jobs. In fact, the pay premium for switching employers hit a record low in February.”
Service-providing employment added 47,000 jobs, driven by education/health services gaining 58,000 jobs, followed by information systems gaining 11,000. However, professional/business services lost 30,000.
Goods-producing employment gained 16,000 jobs. Manufacturing lost 5,000 while construction and natural resources/mining added 19,000 jobs and 2,000 jobs respectively.
Read the ADP report.
