Companies in the private sector added 63,000 jobs in February, payroll processing firm ADP said Wednesday.

The figure is above economists’ estimates of a gain of 50,000 jobs. The prior month’s payrolls number was revised lower to a gain of just 11,000 from an initially reported gain of 22,000.

“We’ve seen an increase in hiring and pay gains remain solid, especially for job-stayers,” said Nela Richardson, ADP chief economist. “But with hiring concentrated in only a few sectors, our data shows no widespread pay benefit from changing jobs. In fact, the pay premium for switching employers hit a record low in February.”

A construction worker hammers a beam while renovating a road in the Union Market district in Washington, DC, US, on Friday, Sept. 8, 2023. US employment gains will slow significantly and be more concentrated across few sectors in the decade through 2 (Al Drago/Bloomberg via Getty Images / Getty Images)

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Education and health services added 58,000 positions, leading job creation in February. Construction added 19,000, information gained 11,000 and other services added 6,000.

A professor talks to a group of students in a lecture hall. (iStock)

Financial activities added 2,000 jobs, natural resources and mining gained 2,000 and leisure and hospitality added 1,000 positions.

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On the negative side, professional and business services lost 30,000 jobs. Manufacturing lost 5,000 positions and trade, transportation and utilities lost 1,000.

Manufacturing lost 5,000 positions in December, ADP said. (Emily Elconin/Bloomberg via Getty Images)

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Large businesses – those with 500 or more employees – added 10,000 jobs in February. Businesses with 50 to 499 employees lost 7,000 workers. Establishments with fewer than 50 employees added 60,000 jobs.

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Wage growth in February was little changed from last month. People staying in their roles saw their pay climb 4.5% from the prior year, while pay gains for those changing their jobs fell slightly to 6.3% from 6.4% in January.

‘Newcastle is rivalling cities across the world when it comes to setting the standard for development and regeneration’

Newcastle and Gateshead are gearing up to showcase their portfolio of projects to the world at this month’s prime property event Mipim. Mipim 2026 will see more than 20,000 international delegates, including real estate investors, developers and civic leaders gather in Cannes from March 9 to 13 for the annual networking event.

This year the delegation is set to shine a light on transformative schemes including Pilgrim Street in Newcastle and Baltic Quarter in Gateshead. Organisers say culture-led regeneration, investment in knowledge-intensive industries and placemaking are the key themes for Invest Newcastle, the public and private partnership delivered by NewcastleGateshead Initiative.

The Newcastle delegation will be joined by Newcastle City Council, Gateshead Council as well as Eldon Square, NCG, Ryder Architecture, Avison Young, FaulknerBrowns, Legends Global, Rolton, Aptus, Atkins Realis, CAA ICON, Hanro, igloo, Naylors, NE1, North East Combined Authority, Todd Milburn and Ward Hadaway.

Invest Newcastle will host a three-day programme of panel discussions, presentations, and networking events on their pavilion, highlighting the region’s growing strengths in the creative and cultural sectors, retail, and knowledge-intensive industries such as life sciences and space.

The programme will provide a unique platform to connect with global decision-makers and industry leaders who will share insights and learnings. Speakers on the programme hail from the likes of the New York City Housing Authority, Birmingham City Football Club, Cambridge Innovation Centre and Homes England.

With the overall Mipim theme of ‘Housing Matters’, key residential schemes such as Forth Yards and MetroGreen will be discussed in two panels on the Wednesday and Thursday. Other discussions include shaping cities with Gen Z, delivering lab spaces that lead to medical discoveries, fuelling the AI boom and exploring the space industry.

Pam Smith, chief executive of Newcastle City Council, said: “This year’s programme is a real reflection of the city’s ambitions and how far we have come. Newcastle is rivalling cities across the world when it comes to setting the standard for development and regeneration.

“We understand the clear links between designing the future, the built environment, and the creative industries and MIPIM is one of the key platforms for us to showcase Newcastle and Gateshead’s story. I am looking forward to having conversations with investors from around the world with a shared vision for how we can continue to shape the future of Newcastle, ensuring we are creating a globally competitive place that delivers for our residents.”

Last year saw the North East delegation highlight revamped plans for the former Premier Inn Hotel in Newcastle, with a hotel, housing, bars and restaurants, amongst its prime property opportunities.

To find all the planning applications, traffic diversions, road layout changes, alcohol licence applications and more in your community, visit the Public Notices Portal.

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Shares soared as FTSE 250 lender swung to £98m profit

Metro Bank has returned to the black as the firm’s shift towards small business lending delivered a boost in revenue.

The FTSE 250 lender posted a pre-tax profit of just over £98m – a 15-year peak and significant turnaround from losses of £14m the previous year.

The reversal arrived as Metro recorded 67 per cent growth in new corporate, commercial and small and medium-sized enterprise (SME) lending – a sector the bank has targeted as central to its recovery plan.

Shares in the company climbed as much as seven per cent following the announcement to 122.36p. Over the past 12 months, the stock has gained more than 40 per cent.

Turnover at the firm increased 16 per cent to just above £585m as lending in the group’s focus segment expanded 56 per cent year-on-year to £5.2bn, as reported by City AM.

Metro is amongst several banks that have moved into the SME lending market amid a retreat from industry heavyweights, with the sector typically delivering higher margins for lenders as they can command elevated interest rates.

The segment also emphasises relationship-building with businesses compared to lending to large corporations, which can seek the most competitive debt globally.

“We are capturing market share in our target segments and have a deep pipeline of attractive lending opportunities,” said Daniel Frumkin, Metro’s chief executive.

He noted that the bank’s emphasis on the “execution of our strategy and pivot to high margin business” had contributed to a surge in profits whilst reducing expenses.

Operating costs plummeted seven per cent year-on-year to £473m, surpassing previous predictions of a four to five per cent decrease.

The bank has outlined plans for its return on tangible equity – a crucial measure of profitability – to more than double from the current level of 6.4 per cent over the forthcoming 6 months and nearly triple over 18 months.

The lender is also anticipated to greatly benefit from the alterations to the MREL regime announced in Rachel Reeves’ regulatory reforms at Mansion House last year.

Established in the aftermath of the 2008 financial crisis, minimum requirement for own funds and eligible liabilities (MREL) rules impose strict tailored requirements for banks with assets between £15-25bn. The Bank of England is poised to raise the threshold following consultation.

Metro has been reclassified as a transfer firm under the system, a move that liberates the bank’s balance sheet with reduced costs. The company stated it unlocks “significant capacity for growth”.

GameStop Corp. (NYSE: GME) shares closed modestly lower Tuesday, reflecting cautious investor sentiment as the video game retailer navigates a strategic pivot under CEO Ryan Cohen while facing persistent challenges in its core brick-and-mortar business.

GME ended at $23.82, down $0.38 or 1.57% from Monday’s close of $24.20. The stock opened at $23.78, traded in a narrow range between $23.45 and $24.17, and saw volume of about 4.1 million shares — near the recent average but below the frenzied levels of past meme-stock surges. After-hours trading showed a slight dip to around $23.74-$23.76.

The decline came amid broader market volatility tied to geopolitical tensions in the Middle East, though GME’s moves appeared more company-specific. The retailer has been in the spotlight for Cohen’s aggressive transformation efforts, including a massive performance-based compensation package approved in January 2026 and speculation about a blockbuster acquisition using its substantial cash reserves.

Cohen, who became chairman in 2021 and CEO shortly after, received a long-term incentive award potentially worth up to $35 billion, contingent on elevating GameStop’s market capitalization to $100 billion and achieving $10 billion in cumulative performance EBITDA. The package is entirely “at-risk,” with no base salary, aligning Cohen’s interests tightly with shareholders. He has personally invested heavily, including back-to-back purchases of 500,000 shares each in January at around $21 per share, boosting his stake to about 9.2% and signaling confidence in the turnaround.

In a January interview with The Wall Street Journal, Cohen outlined ambitions to grow GameStop from an $11 billion company into one valued over $100 billion through a “very big” acquisition of a publicly traded firm, likely in consumer or retail sectors. Speculation has centered on targets like eBay, though no deal has materialized. Analysts note the move could diversify beyond declining physical game sales, but risks remain high — a misstep could erode the cash hoard built from meme-stock rallies and share offerings.

GameStop ended fiscal 2025 with roughly $8.8 billion in cash and equivalents, bolstered by strategic capital raises in prior years. The balance sheet strength provides flexibility, but revenue trends weigh on sentiment. The company has accelerated store closures in 2026, with nearly 500 locations marked for shutdown across dozens of states as digital downloads and streaming erode demand for physical media. Circana projects modest U.S. video game spending growth of 3% to $62.8 billion in 2026, but traditional retail faces headwinds.

Despite challenges, Cohen’s vision draws comparisons to activist investors like Warren Buffett, though some critics argue the meme-stock label and volatility disconnect price from fundamentals. Michael Burry, the “Big Short” investor, disclosed a long-term position in January 2026, sparking a brief rally, but momentum faded.

Analyst coverage remains sparse and mixed. Consensus leans toward “hold” or “sell,” with average 12-month targets around $13.50 to $26, implying limited near-term upside from current levels. Some forecasts, like Long Forecast’s mechanical projection, see potential for $31 by year-end 2026 if trends hold, while others warn of downside to the low $20s amid execution risks.

The stock’s 52-week range spans $19.93 to $35.81, with the high hit in May 2025 during a brief resurgence. Year-to-date in 2026, shares are roughly flat to modestly positive after early volatility, trading well below 2021 peaks above $80 (pre-split adjusted). Market capitalization hovers near $10.67 billion, with about 448 million shares outstanding.

GameStop’s next earnings report is expected around late March 2026 for the fiscal fourth quarter. Investors will watch for updates on acquisition talks, cash deployment, and progress toward Cohen’s ambitious targets. For now, the stock remains a high-risk, high-reward play driven by leadership vision rather than steady retail performance.

As Cohen pursues his consumer megadeal strategy, GameStop continues to straddle its meme-stock past and a potential new chapter as a diversified holding company. Whether the gamble pays off will depend on execution in an evolving gaming landscape.