ADP reports that the private sector added 77k jobs in February, below expectations of a 140k increase and the smalling increase since July 2024.

• The goods sector added 42k jobs including 26k in the construction industry and 18k in the manufacturing industry.
• The services sector added 36k jobs led by leisure & hospitality up 41k and business services up 27k. These were offset by job losses of -33k in trade & transport and -28k in education & health services.
• Small businesses fell -12k while mid- and large-sized firms added 83k.

ADP wage growth was broadly unchanged in February.

• Job changers wage growth eased from 6.8% YoY to 6.7% YoY, the lowest since October 2024
• Job stayer wage growth was unchanged at 4.7% YoY.