Private Sector Adds 209,000 Jobs in March
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Private sector jobs in the U.S. continue to grow, albeit at a moderate pace.
The latest ADP National Employment Report showed that the private sector added 209,000 jobs in March. This was slightly above the 206,000 additions expected.
Estimated gains for previous months were revised higher; the gain from December to January was revised up by 9,000 to 182,000, and the gain from January to February was revised up by 14,000 to 230,000.
Small business continued to lead the pace of job additions, adding 100,000 jobs in March. Medium business added 87,000 and large businesses added 22,000.
The goods-producing sector added 45,000 jobs in March, while service-providing sector added 164,000.
According to Joel Prakken, Chairman of Macroeconomic Advisers, LLC, "Labor market conditions continue to improve at a moderate pace. Employment grew in all the major sectors of the economy tracked in The Report, and across payrolls of all sizes. Today's data marks the twenty-sixth consecutive monthly gain in private employment as measured in The Report.
"The March increase in private employment suggests that the national unemployment rate may have declined slightly last month. It would also be consistent with other indicators suggesting some firming of labor market conditions, such as the downward trend in unemployment claims and upturns in the components of consumer sentiment and confidence influenced by perceptions about the availability of jobs."
Today's ADP number will be a preview of Friday's more important Non-Farm Payroll report from the government. Notably, Friday's jobs report is coming despite the market being closed.
The latest ADP National Employment Report showed that the private sector added 209,000 jobs in March. This was slightly above the 206,000 additions expected.
Estimated gains for previous months were revised higher; the gain from December to January was revised up by 9,000 to 182,000, and the gain from January to February was revised up by 14,000 to 230,000.
Small business continued to lead the pace of job additions, adding 100,000 jobs in March. Medium business added 87,000 and large businesses added 22,000.
The goods-producing sector added 45,000 jobs in March, while service-providing sector added 164,000.
According to Joel Prakken, Chairman of Macroeconomic Advisers, LLC, "Labor market conditions continue to improve at a moderate pace. Employment grew in all the major sectors of the economy tracked in The Report, and across payrolls of all sizes. Today's data marks the twenty-sixth consecutive monthly gain in private employment as measured in The Report.
"The March increase in private employment suggests that the national unemployment rate may have declined slightly last month. It would also be consistent with other indicators suggesting some firming of labor market conditions, such as the downward trend in unemployment claims and upturns in the components of consumer sentiment and confidence influenced by perceptions about the availability of jobs."
Today's ADP number will be a preview of Friday's more important Non-Farm Payroll report from the government. Notably, Friday's jobs report is coming despite the market being closed.
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