US ADP private employment grew only 117k in February, below expectation of 168k. BY company size, small businesses added 32k jobs, medium businesses added 57k, large businesses added 28k. By sector, goods-producing jobs contracted -14k. Service-providing jobs grew 131.
“The labor market continues to post a sluggish recovery across the board,” said Nela Richardson, chief economist, ADP. “We’re seeing large-sized companies increasingly feeling the effects of COVID-19, while job growth in the goods producing sector pauses. With the pandemic still in the driver’s seat, the service sector remains well below its pre-pandemic levels; however, this sector is one that will likely benefit the most over time with reopenings and increased consumer confidence.”
