ADP: Private employers added 63,000 jobs in February, the best monthly showing since July

Group 1 - US private employers added 63,000 jobs in February, exceeding expectations and marking the best monthly gains since July [1] - Economists had predicted an increase of 50,000 jobs, an improvement from the previous month's revised gain of only 11,000 positions [2] - Hiring was primarily driven by the construction, education, and healthcare sectors, while manufacturing and business services experienced job losses [2] Group 2 - ADP's chief economist noted that while hiring has increased, the pay premium for job-changers reached a record low in February, indicating limited widespread pay benefits from changing jobs [3] - Annual pay growth was reported at 4.5%, with a median pay change of 6.3% for those who switched employers [3] - The upcoming Labor Department report is expected to provide a more comprehensive view of the labor market, suggesting potential stabilization after a period of dismal hiring rates [4]