ADP Reports Private Employers Added Only 77,000 Jobs in February, Significantly Below Expectations

Private employers in the United States added 77,000 jobs in February, considerably lower than the anticipated 140,000, as per the ADP National Employment Report. The service sector saw an increase of 36,000 jobs, while the goods-producing sector gained 42,000 jobs, primarily driven by a 26,000 job addition in the construction sector. Nela Richardson, Chief Economist at ADP, highlighted that uncertainties in policy and reduced consumer spending were contributing factors to the hiring deceleration last month. The report also shows that wage growth for existing job holders remained stable at 4.7 percent year-over-year despite the slowdown in job growth.