ADP News Release (03/08/23)

Private sector employment increased by 242,000 jobs in February and annual pay was up 7.2% year-to-year, according to the February ADP National Employment Report. “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.”

This article originally appeared on mediacenter.adp.com. Use this link to see the full article: ADP National Employment Report: Private Sector Employment Increased by 242,000 Jobs in February; Annual Pay was Up 7.2%