A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. increased by slightly less than expected in the month of February.
ADP said private sector employment rose by 140,000 jobs in February after climbing by an upwardly revised 111,000 jobs in January.
Economists had expected private sector employment to grow by 150,000 jobs compared to the addition of 107,000 jobs originally reported for the previous month.
“Job gains remain solid. Pay gains are trending lower but are still above inflation,” said ADP chief economist Nela Richardson. “In short, the labor market is dynamic, but doesn’t tip the scales in terms of a Fed rate decision this year.”
Federal Reserve Chair Jerome Powell is scheduled to deliver his semiannual monetary policy testimony before the House Financial Services Committee at 10 am ET.
Also at 10 am ET, the Labor Department is due to release its report on job openings in the month of January. Job openings are expected to dip to 8.9 million in January from 9.0 million in December.
The Commerce Department is also scheduled to release its report on wholesale inventories in the month of January at 10 am ET. Wholesale inventories are expected to edge down by 0.1 percent.
At 10:30 am ET, the Energy Information Administration is scheduled to release its report on oil inventories in the week ended March 1st.
Crude oil inventories are expected to increase by 2.6 million barrels after jumping by 4.2 million barrels in the previous week.
San Francisco Federal Reserve President Mary Daly is due to speak before the 2024 National Interagency Community Reinvestment Conference at 12 pm ET.
At 2 pm ET, the Federal Reserve is scheduled to release its Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts.
Minneapolis Federal Reserve President Neel Kashkari is due to participate in a Q&A session hosted before the Wall Street Journal CFO Network Summit at 4:15 pm ET.