Private payrolls rose by 184,000 people in March, exceeding expectations, ADP says
Private-sector job growth expanded in March at the fastest pace since July 2023, payroll firm ADP said Wednesday, showing the U.S. labor market remains strong.
Companies added 184,000 employees in the same month, an increase from the Dow Jones forecast in March of an upwardly revised 155,000 job increase in February.
In addition to the strong recovery in employment, ADP reported that wages for workers who remained in their jobs increased by 5.1% year over year. This was the same rate of increase as in February, after indicating continued steady easing well into 2023. The number of people changing jobs increased by 10 points. % also increased from the previous month.
“March was a surprise not just for wage growth, but for the sectors that recorded wage growth,” said Nela Richardson, chief economist at ADP. She said: “Inflation is calming, but our data shows that wages are rising for both goods and services.”
Employment growth was fairly broad-based, with leisure and hospitality accounting for 63,000 jobs. Other sectors that showed significant increases included construction (33,000 people), trade, transportation and utilities (29,000 people), and education and health services (17,000 people). Professional and business services suffered a loss of 8,000 people.
Service-related industries account for 142,000 of the total, with the remainder being commodity industries. ADP's research is based on an analysis of payroll data for more than 25 million workers and does not track government employment.
Most of the increase came from businesses employing 50 or more people, with small businesses increasing by just 16,000 people. From a regional perspective, the South saw the biggest growth, adding 91,000 workers.
The ADP estimates are a precursor to the Labor Department's nonfarm payrolls survey to be released on Friday, but the numbers often vary widely. Published by the Department of Labor Statistics. Employment increased by 275,000 in February, which is 120,000 more people than the revised ADP value. Economists surveyed by Dow Jones expect the March figures to show an increase of 200,000 people.
Robust employment growth and easing inflation have allowed the Federal Reserve to remain patient with monetary easing. Central bank officials expect to start cutting interest rates in the second half of this year. I said this in the last few days He said there was not yet enough evidence that inflation would fall sustainably to allow cuts to begin.
Summarize this content to 100 words Private-sector job growth expanded in March at the fastest pace since July 2023, payroll firm ADP said Wednesday, showing the U.S. labor market remains strong.Companies added 184,000 employees in the same month, an increase from the Dow Jones forecast in March of an upwardly revised 155,000 job increase in February.In addition to the strong recovery in employment, ADP reported that wages for workers who remained in their jobs increased by 5.1% year over year. This was the same rate of increase as in February, after indicating continued steady easing well into 2023. The number of people changing jobs increased by 10 points. % also increased from the previous month.”March was a surprise not just for wage growth, but for the sectors that recorded wage growth,” said Nela Richardson, chief economist at ADP. She said: “Inflation is calming, but our data shows that wages are rising for both goods and services.”Employment growth was fairly broad-based, with leisure and hospitality accounting for 63,000 jobs. Other sectors that showed significant increases included construction (33,000 people), trade, transportation and utilities (29,000 people), and education and health services (17,000 people). Professional and business services suffered a loss of 8,000 people.Service-related industries account for 142,000 of the total, with the remainder being commodity industries. ADP's research is based on an analysis of payroll data for more than 25 million workers and does not track government employment.Most of the increase came from businesses employing 50 or more people, with small businesses increasing by just 16,000 people. From a regional perspective, the South saw the biggest growth, adding 91,000 workers.The ADP estimates are a precursor to the Labor Department's nonfarm payrolls survey to be released on Friday, but the numbers often vary widely. Published by the Department of Labor Statistics. Employment increased by 275,000 in February, which is 120,000 more people than the revised ADP value. Economists surveyed by Dow Jones expect the March figures to show an increase of 200,000 people.Robust employment growth and easing inflation have allowed the Federal Reserve to remain patient with monetary easing. Central bank officials expect to start cutting interest rates in the second half of this year. I said this in the last few days He said there was not yet enough evidence that inflation would fall sustainably to allow cuts to begin.
https://www.cnbc.com/2024/04/03/private-payrolls-increased-by-184000-in-march-better-than-expected-adp-says.html Private payrolls rose by 184,000 people in March, exceeding expectations, ADP says
