Hiring by US companies grew faster than expected in February

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Hiring by U.S. companies rose faster-than-expected in February, the latest sign that the labor market remains tight even in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning. 

Companies added 242,000 jobs last month, beating the 20,000 gain that economists surveyed by Refinitiv predicted. It marked a major drop from the 235,000 gain recorded in December and is the worst month for job creation since January 2021.

The data precedes the release of the more closely watched February jobs report on Friday morning, which is expected to show that employers hired 203,000 workers following a gain of 517,000 in January. The unemployment rate is expected to hold steady at 3.4%, a half-century low.

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