(ADP National Employment) US private sector showed accelerated hiring in February, adding 475,000 jobs and surpassing estimates of 378,000.
Large businesses generated the bulk of jobs, with a total of 552,000 jobs added. Medium businesses added 18,000 jobs.
The job data showed that small businesses struggled in February, with a total of 96,000 jobs shed during the month.
On a sector basis, service-providing businesses added the most jobs at 417,000 in February.
Goods-producing businesses contributed 57,000 jobs, while franchise-led ones posted additions of 45,000.
ADP chief economist Nela Richardson says hiring in the private sector remains robust, although it is limited by reduced labor supply in the post-pandemic environment.
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