ADP Feb. jobs estimate lower than expected
Private-sector employment increased by 183,000 in February, on a seasonally adjusted basis, ADP estimated Wednesday.
In January, ADP says 300,000 jobs were added, compared to its previous estimate of 213,000.
Economists surveyed by IFR Markets projected a 190,000 job gain for February.
“We saw a modest slowdown in job growth this month,” according to Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Midsized companies have been the strongest performer for the past year. There was a sharp decline in small business growth as these firms continue to struggle with offering competitive wages and benefits.”
“The economy has throttled back and so too has job growth,” said Mark Zandi, chief economist of Moody’s Analytics. “The job slowdown is clearest in the retail and travel industries, and at smaller companies. Job gains are still strong, but they have likely seen their high watermark for this expansion.”