US Treasury Secretary Scott Bescent discusses the US economic outlook for “Kudrow.”
Private sector companies added just 77,000 jobs in February, pay processing company ADP said Wednesday.
This figure – the lowest since July – is well below the economists' estimate of 140,000 employment, and exceeded the previous month's rising reading of 186,000 people.
“Policy uncertainty and slower consumer spending could have led to slower layoffs and jobs last month,” said Nella Richardson, ADP chief economist. “Our data is combined with other recent indicators and suggests that employers will be hesitant about employment when assessing future economic situations.”
Leisure and Hospitality added 41,000 positions and led job creation in February. Professional and business services added 27,000 jobs, while financial activities and construction contributed 26,000 people each. Manufacturing and other services added 18,000 and 17,000 jobs, respectively.
Negatively, trade, transportation and utilities lost 33,000 jobs in February, education and health services fell 28,000, and information services lost 14,000. Natural resources and mining jobs fell by 2,000.
