Federal Reserve Sees Modest Pickup in Hiring This Month

A passer-by walks past a sign advertising job opportunities while entering a Target store in Westwood, Mass., on Feb. 9, 2021. Steven Senne/AP Photo

WASHINGTON—The Federal Reserve says there’s evidence that hiring has picked up in recent weeks, even as the job market remains badly damaged by the pandemic.

In its semi-annual monetary policy report released on Feb. 19, the Fed said it’s been watching job data compiled by payroll processor ADP. The Fed has constructed its own measurement of hiring using the ADP data, and said that gauge has closely matched the government’s monthly jobs reports throughout the pandemic.