ADP’s Employment Report showed that private payrolls grew less than expected in February, as employers added 140,000 new jobs versus the 150,000 that had been forecasted. Most of the hiring took place in the services sector and in businesses with more than 50 employees.
What’s the bottom line? “Job gains remain solid. Pay gains are trending lower but are still above inflation,” said Nela Richardson, chief economist for ADP. On that note, annual pay for job stayers increased by 5.1%. Job changers saw an average increase of 7.6%, which was up from the prior month as pay gains for job changers accelerated for the first time in more than a year.