Summary:
ADP's Feb. employment report: 140K nonfarm private jobs added, up from 111K in January. But it falls short of the expected 149K new private jobs.
March ADP
3/4/2024 (Wed)
Previous (Feb): 140k Forecast: 150k
The ADP employment report revealed that 140K nonfarm private jobs were added in February, a pickup from the 111K private jobs added in January. The latest figure is lower than the expected 149K new private jobs.
Along with the job growth, annual pay increased 5.1% for those staying in their jobs, which ADP said was the smallest rise since August 2021, a potential indication that inflation pressures are receding.
In recent months, ADP has consistently undershot the closely watched report from the BLS, which showed an increase of 275k for the month, nearly double the ADP reading.
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