Companies in the private sector added 155,000 jobs in March, payroll processing firm ADP said Wednesday.
The figure is above economists’ estimates of 115,000 jobs and also more than the prior month’s upwardly revised reading of 84,000. Annual pay was up 4.6%, down from the prior month, ADP said.
“Despite policy uncertainty and downbeat consumers, the bottom line is this: The March topline number was a good one for the economy and employers of all sizes, if not necessarily all sectors,” said Nela Richardson, ADP’s chief economist.
PRIVATE SECTOR ADDS JUST 77K JOBS IN FEBRUARY, WELL BELOW EXPECTATIONS, ADP SAYS
Professional and business services added 57,000 positions, leading job creation in March. Financial activities added 38,000 jobs, manufacturing added 21,000 and leisure and hospitality contributed 17,000.
On the negative side, trade, transportation and utilities lost 6,000 jobs during the month, while natural resources and mining declined by 3,000.
Large businesses — those with 500 or more employees — added 59,000 jobs in the month. Businesses with 50 to 499 employees hired 43,000 workers. Establishments with fewer than 50 employees added 52,000 jobs.
US ECONOMY ADDED 151,000 JOBS IN FEBRUARY, BELOW EXPECTATIONS
The ADP data is released before the Labor Department’s nonfarm payrolls report, which is due on Friday morning and can differ notably. The government data is expected to show an increase of 135,000 positions, above the 151,000 reported in February.
Read the full article here
