U.S. Private Sector Employment Jumps More Than Expected In February

(RTTNews) - Payroll processor ADP released a report on Wednesday showing U.S. private sector employment jumped by much more than expected in the month of February.

ADP said private sector employment surged by 475,000 jobs in February compared to economist estimates for an increase of 388,000 jobs.

The report also showed a substantial revision to the January data, with the revised data showing employment spiked by 509,000 jobs compared to the previously reported loss of 301,000 jobs.

"Last month large companies showed they are well-poised to compete with higher wages and benefit offerings, and posted the strongest reading since the early days of the pandemic recovery," said Nela Richardson, ADP chief economist.

She added, "Small companies lost ground as they continue to struggle to keep pace with the wages and benefits needed to attract a limited pool of qualified workers."