U.S. Private Sector Adds 140,000 Jobs in February, Below Expectations

Despite missing Wall Street forecasts, job growth remains solid with pay gains above inflation, indicating a dynamic labor market.

The private sector created 140,000 jobs in February, slightly below the Dow Jones estimate of 150,000.
Job growth was led by the service-providing sector and large to medium-sized businesses, with significant gains in construction, trade, transportation, utilities, finance, and other services.
Year-over-year pay gains for job changers increased by 7.6%, with those staying at their jobs seeing a 5.1% increase, marking the first rise since November 2022.
ADP's report suggests that while job and pay gains are solid, they are unlikely to influence Federal Reserve rate decisions this year.
The labor market's performance continues to be closely monitored for signs of U.S. economic growth or potential stalling.