March Jobs Jump
Private sector hiring jumped strongly in March, adding 155,000 jobs, according to the latest report from payroll processing firm ADP. The figure surpassed economists’ expectations of 115,000 and was higher than February’s revised 84,000 jobs. However, annual wage growth slowed from the previous month to 4.6%.
“Despite policy uncertainty and cautious consumers, jobs numbers in March were positive for the economy and employers of all sizes, if not all sectors,” said Nella Richardson, ADP’s chief economist.
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Professional and business services led the way with 57,000 new jobs, while financial activities added 38,000 roles. Manufacturing contributed 21,000 positions, and leisure and hospitality added 17,000. On the downside, trade, transportation, and utilities lost 6,000 jobs, while natural resources and mining declined by 3,000.
Large businesses with 500 or more employees added 59,000 jobs. Mid-sized firms (50-499 employees) hired 43,000 people, and small businesses with fewer than 50 employees added 52,000 jobs.
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This ADP data comes ahead of the Labor Department’s nonfarm payrolls report due on Friday, which is expected to show an increase of 135,000 jobs from February’s 151,000.
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