March ADP Jobs Data Is In — and It’s Better Than Wall Street Expected
TLDR
- The U.S. private sector added 62,000 jobs in March, beating economist forecasts of 38,500.
- Small businesses with under 50 employees drove growth, adding 85,000 jobs.
- Healthcare and education led sector gains with 58,000 new positions.
- Construction added 30,000 jobs, while manufacturing shed 11,000.
- Trade, transportation, and utilities lost 58,000 jobs, offsetting some gains.
The U.S. private sector added 62,000 jobs in March, according to the ADP National Employment Report released Wednesday. The number beat economist forecasts by a wide margin. Analysts surveyed by FactSet had expected just 38,500 new jobs.
The March figure nearly matched February’s revised total of 66,000 private-sector jobs. That puts hiring on a steady track heading into the government’s official jobs report, due Friday.
ADP’s data is based on weekly payroll records covering more than 26 million private-sector employees. It does not include public-sector jobs, which will be counted in Friday’s government report.
Small businesses were the clear driver of March’s job growth. Companies with fewer than 50 employees added 85,000 positions last month. Micro businesses led that charge.
Mid-sized and large companies told a different story. Firms with over 500 employees cut jobs on net in March, pulling down the overall number.
Healthcare and Construction Post Strong Gains
Healthcare and education added 58,000 jobs in March, the biggest sector gain in the report. This sector has been a consistent driver of U.S. job growth in recent months.
Construction added 30,000 jobs last month. Natural resources and mining added another 11,000 positions.
Manufacturing moved in the opposite direction. That sector shed around 11,000 jobs in March.
Trade and Transport Shed Jobs
The trade, transportation, and utilities sector lost about 58,000 jobs in March. That was the largest sector decline in the report and offset some of the gains seen elsewhere.
The information sector, which covers technology workers, added 16,000 jobs. Leisure and hospitality added 7,000 positions.
Job growth came from both the goods and services sides of the economy, according to ADP’s breakdown.
Economists were already expecting a solid government jobs report before the ADP data landed. Current forecasts point to around 59,000 new jobs in Friday’s official report.
That would be a large improvement from February, when the government’s own data showed job losses. The unemployment rate is expected to hold steady at 4.4%.
Friday’s official numbers come from government surveys and cover a broader scope than ADP’s private-sector snapshot.
The post March ADP Jobs Data Is In — and It’s Better Than Wall Street Expected appeared first on CoinCentral.
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