U.S. employers added 57,000 jobs last month – the smallest gain since July 2003, and less than half January’s increase of 121,000 jobs – according to the ADP National Employment Report.
Economists surveyed by Bloomberg News had expected ADP to report a 100,000-job gain in private employment for February. The private report is based on payroll data from 364,00 businesses employing about 22 million workers.
“The labor market continues to slacken,” Michael Gregory, a senior economist at BMO Capital Markets in Toronto, Bloomberg. “Job losses in residential construction and industries related to it are continuing, and manufacturing is a perennial drag.”
Today’s report showed the nation losing 29,000 manufacturing jobs in February, while gaining 100,000 positions with service producers. Small businesses accounted for the bulk of last month’s gain, adding 53,000 jobs.
Additional information is available at www.adpemploymentreport.com.
