The U.S. February ADP employment report (commonly known as the "mini-nonfarm payrolls") was officially released tonight (4th), in collaboration with ADP Research and the Stanford Digital Economy Lab. According to the report, the U.S. private sector added 63,000 jobs in February, higher than the market consensus expectation of about 48,000 to 50,000, marking the highest increase since November 2025.
Other relevant data includes: the annual salary growth rate remained at 4.5%, unchanged from January, indicating that wage pressure remains relatively stable. In terms of industries, construction and education/healthcare services were the main drivers of growth, contributing the majority of new jobs; leisure and hospitality saw a slight increase, while manufacturing experienced a slight decline.
In summary, this report shows a rebound in hiring momentum in the labor market, but the overall increase remains moderate and far below the post-pandemic peak. As a leading indicator for the official non-farm payrolls (NFP) report, today's ADP data may provide a positive reference for the March non-farm payrolls data to be released this Friday. However, before the official release of the non-farm payrolls data, and given the recent impact of the Middle East situation, the market remains relatively cautious. Bitcoin and Ethereum showed little fluctuation after the data release, with no clear reaction.
