US private payrolls rose by 242,000 in February, above market expectations, according to data released Wednesday.
The estimate for the number was an increase of 200,000 after the American economy created nearly 119,000 private jobs in January, the ADP Research Institute said in a report prepared with Stanford Digital Economy Lab.
“There is a tradeoff in the labor market right now. We’re seeing robust hiring, which is good for the economy and workers, but pay growth remains quite elevated,” said ADP chief economist Nela Richardson.
“The modest slowdown in pay increases, on its own, is unlikely to drive down inflation rapidly in the near-term,” she added.
Mid- and large-sized businesses gained 148,000 and 160,000 jobs, respectively, while small-sized businesses saw a loss of approximately 61,000.
The leisure and hospitality sector posted the highest gain, 83,000, while professional and business services saw the largest decline with 36,000 jobs.
Source: Anadolu Agency