ADP: Private payrolls increased by 63,000 in February; January revised down - UPI.com

March 4 (UPI) -- Private companies added 63,000 new jobs in February, a sizable increase over January, the ADP National Employment Report released Wednesday said.

ADP Research reports that pay also increased on a year-to-year basis, up 4.5% in February. It revised its new jobs figures for January down, cutting it in half from 22,000 to 11,000.

Job gains outpaced the Dow Jones estimate of 48,000.

"We've seen an increase in hiring and pay gains remain solid, especially for job-stayers," said Dr. Nela Richardson, chief economist for ADP. "But with hiring concentrated in only a few sectors, our data shows no widespread pay benefit from changing jobs. In fact, the pay premium for switching employers hit a record low in February."

Small businesses with less than 20 employees added 58,000 of the new jobs in February.