“Private sector employment increased by 183,000 jobs from January to February,” the ADP announced in its latest employment report. This reading fell short of the market expectation of 189K and came in below the previous reading of 300K (revised from 213K). Below are some key quotes from the official press release.
Ahu Yildirmaz, vice president and co-head of the ADP Research Institute:
- We saw a modest slowdown in job growth this month.
- 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.
Mark Zandi, chief economist of Moody’s Analytics:
- The economy has throttled back and so too has job growth.
- 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.