Overview

• The private sector created 140,000 jobs in February, slightly below the Dow Jones estimate of 150,000.
• Job growth was led by the service-providing sector and large to medium-sized businesses, with significant gains in construction, trade, transportation, utilities, finance, and other services.
• Year-over-year pay gains for job changers increased by 7.6%, with those staying at their jobs seeing a 5.1% increase, marking the first rise since November 2022.
• ADP's report suggests that while job and pay gains are solid, they are unlikely to influence Federal Reserve rate decisions this year.
• The labor market's performance continues to be closely monitored for signs of U.S. economic growth or potential stalling.