US ADP Employment Change (Feb) 63K vs. Exp. 50K (Rev. From. 22K, Prev. 11K, Low. 40K, High. 70K)
Median change in annual pay:
- Job-stayers 4.5% (prev. 4.5%)
- Job-changers 6.3% (prev. 6.4%)
Context
The ADP Employment Change came in at 63K, significantly above expectations of 50K, indicating stronger-than-anticipated job growth. Given the substantial revision from the prior print, this suggests an improving labor market, which could have implications for monetary policy and market sentiment, particularly in relation to wage growth data for job-stayers and job-changers remaining stable but slightly decreasing.
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