ADP: U.S. Private Sector Adds 140,000 Jobs In February

In February, private sector employment in the U.S. saw an increase of 140,000 jobs, accompanied by a noteworthy 5.1% rise in annual pay, according to the latest ADP National Employment Report.

The ADP National Employment Report offers a high-frequency, near-real-time view of the private-sector labor market, utilizing anonymized payroll data from over 25 million U.S. employees to provide a comprehensive snapshot.

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

While employment growth remained steady, pay gains for job-changers accelerated for the first time in more than a year, rising to 7.6% from 7.2%. Pay gains for job-stayers continued to decelerate, reaching 5.1%, the smallest gain since August 2021.

The U.S. Bureau of Labor Statistics will release their employment figures on Friday, March 8.