Stephanie Roth, chief economist at Wolfe Research, assesses the state of the economy, the AI feedback loop, and the unemployment rate in “Making Money.”
Private sector companies added 63,000 jobs in February, payroll processing company ADP said Wednesday.
This figure is above economists’ estimates of a gain of 50,000 jobs. The previous month’s payroll figure was revised lower to a gain of just 11,000, compared to an initially reported gain of 22,000.
“We’ve seen an increase in hiring and wage gains remain solid, especially for people who are keeping their jobs,” said Nela Richardson, ADP’s chief economist. “But because hiring is concentrated in just a few sectors, our data doesn’t show a widespread wage benefit from changing jobs. In fact, the wage premium for switching employers reached a record low in February.”
A construction worker hammers on a beam while renovating a road in the Union Market district in Washington, DC, US, on Friday, September 8, 2023. US employment growth will slow significantly and become more concentrated in a few sectors over the next decade through 2023. (Al Drago/Bloomberg via Getty Images/Getty Images)
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Education and health services added 58,000 jobs, which was the largest job creation in February. Construction added 19,000, information gathering 11,000 and other services added 6,000.
A professor talks to a group of students in a lecture hall. (iStock)
Financial activities added 2,000 jobs, natural resources and mining increased by 2,000 and leisure and hospitality added 1,000 jobs.
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On the negative side, professional and business services lost 30,000 jobs. Industrials lost 5,000 positions and trade, transport and utilities lost 1,000.
The manufacturing sector lost 5,000 positions in December, ADP said. (Emily Elconin/Bloomberg via Getty Images)
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Large companies – those with 500 or more employees – added 10,000 jobs in February. Companies with 50 to 499 employees lost 7,000 employees. Companies with fewer than 50 employees created 60,000 jobs.
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Wage growth in February was little changed from last month. People who stayed in their roles saw their wages rise by 4.5% over the previous year, while wage increases for those who changed jobs fell slightly to 6.3% from 6.4% in January.
