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US ADP private employment rose 140k in February, below expectation of 140k. By sector, goods-producing jobs rose 30k while service-providing jobs rose 110k. By establishment size, small companies added 13k jobs, medium companies added 69k, large companies added 61k.

Annual pay for job-stayers rose 5.1% yoy, lowest since August 2021. Annual pay for job-changers rose 7.6% yoy, faster than the prior month for the first time since November 2022.

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


Full US ADP release here.

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