ADP has dramatically revised January’s job gains upward to +300k but February’s print came in at a slightly disappointing +183k (below the 190k exp).
Small business (1-19) saw job losses (-8k) in February and Education (-2k) was the only industry to see job cuts.
This is the biggest drop in Small Business jobs since Dec 2013…
“We saw a modest slowdown in job growth this month,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
“Midsized companies have been the strongest performer for the past year. There was a sharp decline in small business growth as these firms continue to struggle with offering competitive wages and benefits.”
Mark Zandi, chief economist of Moody’s Analytics, said,
“The economy has throttled back and so too has job growth. The job slowdown is clearest in the retail and travel industries, and at smaller companies. Job gains are still strong, but they have likely seen their high watermark for this expansion.”