ADP: U.S. private payrolls rose by 140,000 in February

March 6 (UPI) -- The private sector created 140,000 jobs in February, according to the new ADP National Employment Report issued Wednesday, more than in January but just missing predictions by Wall Street.

The report of private payroll jobs, compiled in collaboration with Stanford Digital Economy Lab, beat the 107,000 jobs created in January. Dow Jones estimated that 150,000 jobs would have been created last month.

The service-providing sector made up 110,000 of those jobs while large (more than 500 employees) and medium-sized businesses (250 to 499 employees) made 114,000 hires over that period.

"Job gains remain solid," Nela Richardson, chief economist for ADP said. "Pay gains are trending lower but are still above inflation. In short, the labor market is dynamic but doesn't tip the scales in terms of a Fed rare decision this year."

The report said year-over-year pay gains for job changers were up 7.6% from the previous month and the first increase since November 2022. Pay gains for those staying at their jobs reached 5.1%.

ADP said job gains were seen in various areas, including construction with 28,000 jobs, trade, transportation and utilities with 24,000 jobs, finance with 17,000 jobs and the other service category with 14,000 jobs.