Hiring by U.S. companies continued to chug along at a healthy pace in February, although growth came in below expectations, according to the ADP National Employment Report released Wednesday morning.
Companies added 140,000 jobs last month, missing the 150,000 gain that economists surveyed by Refinitiv predicted.
“Job gains remain solid. Pay gains are trending lower but are still above inflation,” said ADP chief economist Nela Richardson. “In short, the labor market is dynamic, but doesn’t tip the scales in terms of a Fed rate decision this year.”
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