Private businesses added only 77,000 jobs in February, a significant slowdown from the 186,000 jobs added in January, according to the ADP National Employment Report. This marks the slowest pace of job gains since July and one of the lowest levels in the last two years.
Nela Richardson, ADP's chief economist, noted that 'hiring hesitancy' among employers is evident as they assess the economic climate. Policy uncertainty and a slowdown in consumer spending are cited as potential factors contributing to this deceleration in hiring.
While pay growth remained stable for workers staying in their positions at an average of 4.7% over the month, it slowed slightly for job-movers to 6.7%. Geographically, the Southern and Western U.S. regions shed jobs, contrasting with new job additions in the Midwest and Northeastern U.S.
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