Economy

Private payrolls rose by 242,000, better than expected

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Private payrolls increased by 242,000 in February

Companies added jobs at a brisk pace in February as the U.S. labor market kept humming, payroll services firm ADP reported Wednesday.

Private payrolls increased by 242,000 for the month, ahead of the Dow Jones estimate for 205,000 and well above the upwardly revised 119,000 jobs gain, from 106,000, in January.

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Wage 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 with 14.9% in January.

The report comes with Federal Reserve officials watching jobs data closely for clues on where inflation is headed. Remarks Tuesday from Fed Chairman Jerome…



Source cnbc.com

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