ADP jobs report: U.S. private payrolls rise 63,000 in February as job-switch pay edge hits record low
U.S. private sector payrolls climbed by 63,000 in February, marking the strongest monthly jump since July, according to Wednesday’s ADP National Employment Report. January figures, though, were revised lower—down to 11,000 from an initial 22,000. Economists surveyed by Reuters had been looking for a 50,000-job gain last month. It’s a tough spot for the Federal Reserve. The next policy meeting lands March 17-18, with rates stuck at 3.50%-3.75%. Now, officials have to contend with a new oil-driven inflation threat, just as hiring momentum has faded. “It will feed into headline inflation,” Fed Governor Stephen Miran acknowledged, but he pushed back on broader concerns: “evidence that it feeds into core inflation … is quite limited.”