"ADP Reports Weaker-Than-Expected Growth with 140,000 Private-Sector Jobs Added in February"

Private sector job growth in February increased by 140,000, slightly below the expected 150,000, with gains in leisure and hospitality, construction, trade, transportation, and finance. Annual pay for those staying in their jobs rose by 5.1%, the smallest increase since August 2021, potentially indicating receding inflation pressures. ADP's report precedes the Labor Department's official nonfarm payrolls release, with economists expecting Friday's report to show an increase of 198,000.