U.S. Private Sector Job Growth Far Exceeds Estimates In March
April 05 2017 - 5:03AM
RTTF2
Employment in the U.S. private sector increased by much more
than anticipated in the month of March, according to a report
released by payroll processor ADP on Wednesday.
ADP said private sector employment soared by 263,000 jobs in
March compared to economist estimates for an increase of about
187,000 jobs.
However, the report also said the jump in employment in February
was downwardly revised to 245,000 jobs from the previously reported
298,000 jobs.
The spike in private sector employment in March reflected the
biggest monthly increase since employment surged up by 284,000 jobs
in December of 2014.
Employment in the goods-producing sector saw another significant
increase, climbing by 82,000 jobs in March after soaring by an
upwardly revised 100,000 jobs in February.
The report said employment in the construction and manufacturing
industries rose by 49,000 jobs and 30,000 jobs, respectively.
ADP said employment in the service-providing sector also jumped
by 181,000 jobs in March after a downwardly revised increase of
145,000 jobs in February.
Consumer dependent industries including healthcare, leisure and
hospitality, and trade saw notable job growth during the month.
The report also said large businesses added 45,000 jobs, while
employment at medium and small businesses jumped by 100,000 jobs
and 118,000 jobs, respectively.
"Job growth is off to a strong start in 2017," said Mark Zandi,
chief economist of Moody's Analytics. "The gains are broad based
but most notable in the goods producing side of the economy
including construction, manufacturing and mining."
The release of the report from ADP comes two days before the
release of the Labor Department's more closely watched monthly jobs
report, which includes both public and private sector jobs.
The Labor Department report is expected to show an increase of
about 180,000 jobs in March, while the unemployment rate is
expected to hold at 4.7 percent.
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