US ADP private employment grew 475k in February, above expectation of 320k. By company size, small businesses lost -96k jobs, medium added 18k while large businesses added 522k. By sector goods-producing jobs rose 57k and service-providing jobs rose 417k.
“Hiring remains robust but capped by reduced labor supply post-pandemic. Last month large companies showed they are well-poised to compete with higher wages and benefit offerings, and posted the strongest reading since the early days of the pandemic recovery,” said Nela Richardson, chief economist, ADP. “Small companies lost ground as they continue to struggle to keep pace with the wages and benefits needed to attract a limited pool of qualified workers.”
