Private-sector employment rose again in February, keeping the labor market in a dynamic state. Employment rose by 140,000 jobs last month and annual pay was up 5.1%, according to the most recent ADP National Employment Report released on Wednesday.
“Job gains remain solid. Pay gains are trending lower but are still above inflation,” Nela Richardson, chief economist, ADP, said. “In short, the labor market doesn’t tip the scales in terms of a Fed rate decision this year.”
When looking at where the jobs surfaced, the service-providing sector experienced the most, with leisure and hospitality leading the additions at 41,000 jobs and trade/transportation/utilities adding 24,000. Meanwhile, the goods-producing sector saw gains in construction (28,000) and in manufacturing (6,000).
Medium-sized establishments, those with 50-500 employees, experienced the largest bump in additions with 69,000 jobs added. Large establishments of 500-plus employees followed closely, adding 61,000 positions.
