According to the ADP Research Institute, the number of US private employers in February grew below market expectations. The number of people infected with the new coronavirus has declined in recent weeks, but it has highlighted the slow pace of labor market recovery.
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The figures suggest that employment growth continues to be curtailed by new corona-related restrictions on business and economic activity. However, many economists expect the labor market to improve visibly in the coming months as new corona vaccinations increase and concerns over corona ease.
“The labor market recovery remains generally slow,” ADP Chief Economist Nera Richardson said in a statement. “The impact of the new Corona is spreading to larger companies, and employment growth has stopped in the goods production sector,” he said.
Employment in the service sector increased by 131,000. On the other hand, the goods production sector has decreased by 14,000. It decreased significantly in the manufacturing industry.
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Original title:U.S. Companies Add Fewer Jobs Than Forecast, ADP Data Show(Excerpt)
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