Companies in U.S. Added Fewer Jobs Than Forecast in February
Private payrolls only increased by 139,000 in February according to the ADP Research Institute. The news falls below expectations of a gain of 155,000 jobs as the median prediction of economists polled by Bloomberg. The continued harsh winter is being blamed, at least partially, for the disappointing numbers, as typically seasonal employers such as car dealerships hold back on hiring until demand picks up faster. Small companies expanded the most, adding 59,000 jobs in February, followed closely by large firms with 44,000 new jobs. Though ADP is usually close to the Department of Labor?s reported changes in payroll data, lately the firm had larger than expected discrepancies with the government?s numbers.
See "Companies in U.S. Added Fewer Jobs Than Forecast in February", Jeanna Smialek, Bloomberg News, March 5, 2014