Companies added jobs at a brisk pace in February as the labor market kept humming, payroll services firm ADP reported Wednesday.
Private payrolls in February increased by 242,000 vs. the estimate for 205,000 and above the 119,000 in January, ADP reported Wednesday.
The ADP report comes two days before the government's nonfarm payrolls count, which is expected to show a gain of 225,000. Private payrolls increased by 242,000 for the month, ahead of the Dow Jones estimate for 205,000 and well above theWage growth decelerated slightly, with those remaining in their jobs seeing a 7.2% annual increase, down 0.1 percentage point from a month ago. Job changers saw growth of 14.3%, compared to 14.9% in January.
Other areas showing increases included education and health services , the "other services" category and natural resources and mining . Professional and business services lost 36,000 jobs, while construction was down 16,000.
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