US private payrolls rise 475,000 in February

January figure also revised up from loss of 301,000 to gain of 509,000

By Ovunc Kutlu

ANKARA (AA) – US private payrolls rose 475,000 in February to recover strongly from the sharp decline in the previous month, according to a report released on Wednesday.

The market expectation was an increase of 378,000, while the figure for January was revised up from a decline of 301,000 to a rise of 509,000.

Small businesses shed 96,000 jobs, but medium and large businesses added 18,000 and 552,000 jobs, respectively, in February, the ADP Research Institute said in its national employment report.

"Small companies lost ground as they continue to struggle to keep pace with the wages and benefits needed to attract a limited pool of qualified workers," ADP chief economist Nela Richardson said in the report.

"Hiring remains robust but capped by reduced labor supply post-pandemic. Last month large companies showed they are well-poised to compete with higher wages and benefit offerings, and posted the strongest reading since the early days of the pandemic recovery," she added.

The US government’s nonfarm payroll report will be released on Friday, with analysts expecting an increase of 400,000 jobs in February after a gain of 467,000 in January.

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