According to ADP’s latest national employment report, U.S. employers created over 475,000 jobs in February, a rate that is more than expected.
“Hiring remains robust but capped by reduced labor supply post-pandemic,” said ADP chief economist Nela Richardson.
“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.”
However, a tight labor market resulted in a loss of 96,000 jobs among small businesses, as these companies find it harder to compete with paying and benefiting the workforce.
Read More: Black Woman Says She Was Transferred On Delta Flight For 2 White Passengers
ADP’s data is considered only a preview of Friday’s jobs report.
According to the Bureau of Labor Statistics, employers added 400,000 nonfarm jobs in February, down from 467,000 jobs added in January.
According to forecasts on FoxBusiness, unemployment will drop to 3.9%, the lowest level since February 2020.
