Companies in the private sector added just 77,000 jobs in February, payroll processing firm ADP said on Wednesday.
The figure is well below economists’ estimates of 140,000 jobs and also more than the prior month’s revised reading of 186,000.
“Policy uncertainty and a slowdown in consumer spending might have led to layoffs or a slowdown in hiring last month,” said Nela Richardson, ADP’s chief economist. “Our data, combined with other recent indicators, suggests a hiring hesitancy among employers as they assess the economic climate ahead.”
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