The private sector added 57,000 jobs in February, a poor showing that fell far below economists’ expectations, according to a study released today.
The Automated Data Processing Inc. National Employment Report’s numbers contrasted sharply with the increase of 100,000 jobs economists surveyed by Reuters had forecasted.
It was the weakest job growth since July 2003, according to Marketwatch.
The increase follows a gain of 121,000 jobs in January.
Small businesses (1-49 employees) and medium-sized businesses (50-499 employees) recorded increases of 53,000 and 33,000 positions, respectively.
Meanwhile, large businesses (with 500 employees or more) recorded a decrease of 29,000 positions.
The goods-producing sector lost 43,000 jobs in February, with the manufacturing sector losing 29,000 jobs and the service industry adding 100,000 new posts.
The Feb. 2007 report is the first to incorporate larger sample of payrolls, improved procedures for seasonal adjustment, better detection of anomalies and additional detail on private nonfarm employment by select industry and by size of payroll, the Roseland, N. J. -based ADP said.
