US private sector adds 241,000 jobs in March
The gain came as strong February data was revised even higher, making for five consecutive months with jobs increases of 200,000 or more.
WASHINGTON: US private employment rose faster than expected in March, as manufacturing posted its biggest increase in three years, payroll firm ADP reported on Wednesday (Apr 4).The gain came as strong February data was revised even higher, making for five consecutive months with jobs increases of 200,000 or more.ADP estimated private sector hiring jumped 241,000 last month, stronger than the 203,000 expected by analysts, and coming on after February was revised up by 10,000 to 246,000.The report is closely watched for hints of what is to come in the key government jobs data due out Friday, and which is forecast to show a gain of 180,000 in private payrolls.ADP said the goods-producing sector registered its strongest increase in a year, which offset the slightly slower gain in the dominant services sector of 176,000.The manufacturing sector saw a surge of 29,000 jobs, more than double the February increase and the largest since October 2014, while construction jumped 31,000.
"The job market is rip-roaring," Mark Zandi, chief economist of Moody's Analytics, said in a statement."Monthly job growth remains firmly over 200,000, double the pace of labour force growth. The tight labour market continues to tighten."Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, noted that average monthly job gains so far this year are running ahead of 2017.And mid-sized companies with 50-499 employees added 127,000 workers in the month, "nearly half of all jobs this month, the best growth this segment has seen since the fall of 2014," he said.
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