March 8 (UPI) -- Amid concerns that a strong labor market is forcing the hands of officials at the U.S. Federal Reserve, private payroll processor ADP showed Wednesday that hiring was robust in February.
ADP showed private-sector employers added 240,000 jobs to their payrolls last month, compared with 106,000 in January and the 235,000 from December.
While pay growth for those staying on the job was higher than inflation at 7.2%, ADP said it was the slowest pace in a year.
What would otherwise be seen as good news has been bad news for a U.S. economy posting a consumer-level inflation rate that's three times as high as the 2% target rate for the U.S. Federal Reserve. Steady jobs could incentivize consumer spending and drive prices even higher, while the decline in wage growth could have the opposite effect.
U.S. job losses remain below 200,000 for seventh straight week