Private Sector Employment Rose by 242,000 Jobs in February
Roseland, NJ, March 8, 2023-Private sector employment increased by 242,000 jobs in February and annual pay was up 7.2% year-over-year, according to the February ADP National Employment Report produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab.
The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market. The report details the current month’s total private employment change, and weekly job data from the previous month. ADP’s pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period.
“There is a tradeoff in the labor market right now,” said Nela Richardson, chief economist, ADP. "We're seeing robust hiring, which is good for the economy and workers, but pay growth is still quite elevated. The modest slowdown in pay increases, on its own, is unlikely to drive down inflation rapidly in the near- term.”