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Financial News: U.S. Private Sector Job Growth Comes In Slightly

U.S. Private Sector Job Growth Comes In Slightly Below Estimates In February

03/06/2024 - 09:58:00 (RTTNews)

(RTTNews) - A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. increased by slightly less than expected in the month of February.

ADP said private sector employment rose by 140,000 jobs in February after climbing by an upwardly revised 111,000 jobs in January.

Economists had expected private sector employment to grow by 150,000 jobs compared to the addition of 107,000 jobs originally reported for the previous month.

The report said employment in the service-providing sector jumped by 110,000 jobs, while employment in the goods-producing sector increased by 30,000 jobs.

Employment at medium and large establishments climbed by 69,000 jobs and 61,000 jobs, respectively, while employment at small establishments edged up by 13,000 jobs.

ADP also said pay growth for job-changers accelerated for the first time since November 2022, rising to 7.6 percent in February from 7.2 percent in January.

Meanwhile, pay growth for job-stayers continued to decelerate, slowing to 5.1 percent in February, which reflects the smallest gain since August 2021.

"Job gains remain solid. Pay gains are trending lower but are still above inflation," said ADP chief economist Nela Richardson. "In short, the labor market is dynamic, but doesn't tip the scales in terms of a Fed rate decision this year."

On Friday, the Labor Department is scheduled to release its more closely watched monthly employment report, which includes both public and private sector jobs.

Economists currently expect employment to jump by 200,000 jobs in February after surging by 353,000 jobs in January, while the unemployment rate is expected to come in unchanged at 3.7 percent.

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