March 05, 2025 at 01:15PM
Lowest reading since July
Prior was +183 (revised to +186K)
Goods producing +42K vs -6K prior
Service providing +36K vs +190K prior
Pay gains for job stayers 4.7% vs 4.7% prior
Pay growth for job changers 6.7% vs 6.8% prior
“Policy uncertainty and a slowdown in consumer spending might have led to
layoffs or a slowdown in hiring last month. Our data, combined with
other recent indicators, suggests a hiring hesitancy among employers as
they assess the economic climate ahead,” said Nela Richardson, chief economist at ADP.
The data showed weakness in the US south and west with losses in education/health, trade/transportation/utilities and information.On the upside, the manufacturing side was strong which is the opposite of what the ISM manufacturing survey said.
This article was written by Adam Button at www.forexlive.com.
