Wolfe Research chief economist Stephanie Roth assesses the state of the economy, the AI feedback loop and jobless prosperity on ‘Making Money.’
Companies in the private sector added 63,000 jobs in February, payroll processing firm ADP said Wednesday.
The figure is above economists’ estimates of a gain of 50,000 jobs. The prior month’s payrolls number was revised lower to a gain of just 11,000 from an initially reported gain of 22,000.
“We’ve seen an increase in hiring and pay gains remain solid, especially for job-stayers,” said Nela Richardson, ADP chief economist. “But with hiring concentrated in only a few sectors, our data shows no widespread pay benefit from changing jobs. In fact, the pay premium for switching employers hit a record low in February.”
A construction worker hammers a beam while renovating a road in the Union Market district in Washington, DC, US, on Friday, Sept. 8, 2023. US employment gains will slow significantly and be more concentrated across few sectors in the decade through 2 (Al Drago/Bloomberg via Getty Images / Getty Images)
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Education and health services added 58,000 positions, leading job creation in February. Construction added 19,000, information gained 11,000 and other services added 6,000.
A professor talks to a group of students in a lecture hall. (iStock)
Financial activities added 2,000 jobs, natural resources and mining gained 2,000 and leisure and hospitality added 1,000 positions.
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On the negative side, professional and business services lost 30,000 jobs. Manufacturing lost 5,000 positions and trade, transportation and utilities lost 1,000.
Manufacturing lost 5,000 positions in December, ADP said. (Emily Elconin/Bloomberg via Getty Images)
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Large businesses – those with 500 or more employees – added 10,000 jobs in February. Businesses with 50 to 499 employees lost 7,000 workers. Establishments with fewer than 50 employees added 60,000 jobs.
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Wage growth in February was little changed from last month. People staying in their roles saw their pay climb 4.5% from the prior year, while pay gains for those changing their jobs fell slightly to 6.3% from 6.4% in January.
