ADP: Job growth slowed in February
Private-sector employers in the U.S, added 212,000 jobs in February, a drop from the 250,000 added in January, and fewer than the 220,000 predicted by economists surveyed by Reuters.
Wednesday’s ADP National Employment Report, prepared by ADP and Moody’s Analytics, said small businesses added 94,000 jobs; medium-sized businesses (40 to 499 employees) added 63,000; and large businesses 56,000.
The results were an improvement over January for large businesses, but a slide for small and especially medium-sized firms. In January, small businesses added 97,000 jobs; medium-sized businesses 106,000, and large businesses 40,000.
The service sector added 181,000 positions in February, down from January’s 206,000; while the goods-producing sector added 31,000 jobs, down from January’s 45,000, according to the report.
"While February’s job gains came in slightly lower than recent months, the trend of solid growth above 200,000 jobs per month continued,” said Carlos Rodriguez, president and chief executive officer of ADP. “What is also encouraging is that job gains are broad-based across all key industries.”
Notable from the report were the 20,000 jobs added in financial activities in February. Not only was the figure an increase from the previous month’s 15,000, it marked the largest gain in that sector since March 2006.
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