Notizie economiche
06.03.2024

U.S. private employers add 140,000 jobs in February - ADP

The employment report released by Automatic Data Processing Inc. (ADP) and Moody's Analytics showed that U.S. private employers added 140,000 jobs in February.

Economists had expected an addition of 150,000 new jobs for February.

Meanwhile, the January figure saw an upward revision to 111,000 from the originally reported 107,000.

According to the report, the February job gain was led by leisure and hospitality (+41,000), construction (+28,000), and trade, transportation and utilities (+24,000). Meanwhile, information (-2,000) and natural resources and mining (-4,000) shed jobs.

The report also revealed that pay growth for job changers accelerated for the first time since November 2022, rising from 7.2 per cent y-o-y in January to 7.6 per cent y-o-y. Meanwhile, pay growth for job-stayers continued to decelerate, slipping from 5.2 per cent y-o-y in January to 5.1 per cent y-o-y, the weakest since August 2021.

Commenting on the latest report, Nela Richardson, ADP’s chief economist, noted that job gains remain solid, while the 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,” she added.

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