© Reuters. People line up outside a newly reopened career center for in-person appointments in Louisville, U.S., April 15, 2021. REUTERS/Amira Karaoud TPX IMAGES OF THE DAY
WASHINGTON (Reuters) – U.S. private payrolls increased slightly less than expected in February, data showed on Wednesday.
Private payrolls increased by 140,000 jobs last month after rising by an upwardly revised 111,000 in January, the ADP Employment report showed. Economists polled Reuters via biedexmarkets.com had forecast private employment increasing by 150,000 last month compared to the previously reported 107,000 in January.
The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the release on Friday of the Labor Department’s more comprehensive and closely watched employment report for February.
It has tended to grossly overstate the slowdown in the labor market compared to the official employment data.
According to a Reuters survey of economists, the Labor Department’s Bureau of Labor Statistics is expected to report that private payrolls rose by 160,000 jobs last month after increasing 317,000 in January.
Total nonfarm payrolls are estimated to have increased by 200,000 jobs after rising 353,000 in the prior month. The unemployment rate is forecast unchanged at 3.7% and annual wage growth slowing to 4.4% from 4.5% in January.
