U.S. Job Growth Misses Mark with 140,000 Added in February

March 7, 2024
U.S. Job Growth Misses Mark with 140,000 Added in February
  • U.S. private sector added 140,000 jobs in February, slightly missing the expected 150,000.

  • Job growth was led by trade, transportation, utilities, and construction, with professional and business services seeing job losses.

  • The report indicates a potential slowdown in labor demand with pay gains still above inflation yet trending lower.

  • ADP's data is often seen as overstating the labor market slowdown and is unlikely to affect immediate monetary policy decisions.

  • Financial markets expect the Federal Reserve to cut interest rates later this year, depending on inflation reduction progress.

  • Federal Reserve Chair Jerome Powell indicates rate cuts will not occur until there's confidence in inflation approaching the 2% target.

  • The Labor Department's upcoming employment report for February is projected to show gains of 160,000 private payroll jobs and 200,000 total nonfarm jobs with a steady unemployment rate of 3.7% and a slight decrease in annual wage growth.

Summary based on 6 sources


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