US ADP private sector employment rises in February

Private sector employment in the US increased by 140,000 in February, according to the Automatic Data Processing (ADP) report released on Wednesday. This figure represented a rise from the revised January number of 111,000 (previously reported as 107,000), but fell short of market expectations, which had anticipated a gain of 150,000 jobs.

Nela Richardson, chief economist at ADP, commented on the survey’s results, noting that “job gains remain solid” and that “pay gains are trending lower but are still above inflation.” She emphasized that while the labor market continues to show dynamism, the data does not strongly influence expectations for a Federal Reserve rate decision this year.

Following the release of the ADP employment data, the US Dollar experienced modest selling pressure. As of the latest update, the US Dollar Index was down 0.15% on the day, trading at 103.62.