Employers add 475,000 jobs in February: ADP
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U.S. employers added 475,000 jobs in February, according to ADP's latest national employment report, more than the 388,000 expected.
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"Hiring remains robust but capped by reduced labor supply post-pandemic. Last month large companies showed they are well-poised to compete with higher wages and benefit offerings, and posted the strongest reading since the early days of the pandemic recovery," said Nela Richardson, chief economist, ADP in the announcement.
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However, hiring for small businesses took a step back, with the loss of 96,000 workers as these size companies find it harder to keep pace with the pay and benefits to attract workers in a tight labor market.
ADP's data is viewed as a precursor to Friday's jobs report. Employers are seen having added 400,000 new nonfarm jobs in February, down from a much larger than expected gain of 467,000 in January. The unemployment rate is anticipated to slip to 3.9%, the lowest since February 2020.