Private payrolls rose by 140,000 in February, less than expected, ADP reports

Source: CNBC

Published Wed, Mar 6 2024 8:15 AM EST


Private sector job growth improved during February though growth was slightly less than expected, payrolls processing firm ADP reported Wednesday. Companies added 140,000 positions for the month, an increase from the upwardly revised 111,000 in January but a bit below the Dow Jones estimate for 150,000.

Job gains came across multiple areas, led by leisure and hospitality with 41,000 and construction, which added 28,000 positions. Other industries showing solid gains included trade, transportation and utilities (24,000), finance (17,000) and the other services category (14,000).

Of the total, 110,000 came from the services sector while goods producers added 30,000. Growth was concentrated among larger companies, as establishments with fewer than 50 employees contributed just 13,000 to the total.

Along with the job growth, annual pay increased 5.1% for those staying in their jobs, which ADP said was the smallest increase since August 2021, a potential indication that inflation pressures are receding.

Read more: https://www.cnbc.com/2024/03/06/adp-jobs-report-february-2024.html

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This is the private (non-government) monthly assessment. The BLS UE report comes out this Friday.