USD: US ADP private sector employment up 184k in March vs. 148k expected
US Private jobs report in March Month came at 184000 versus 148000 is expected and 155000 printed in February month. Job changers gained 10.00% increase in pay, Annual pay gain at 5.1% flat. Mostly job changers gained at Goods and services like construction, Financial services and manufacturing.
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In March, the United States saw a notable rise in private sector employment, with a reported increase of 184,000 jobs according to data released by the Automatic Data Processing (ADP) on Wednesday. This figure represents a rise from the revised February numbers, which showed a 155,000 increase (revised from 140,000). It also surpassed the market expectation of 148,000.
The ADP publication highlighted a significant observation regarding pay gains. While year-over-year pay gains for job-stayers remained steady at 5.1 percent after months of gradual deceleration, there was a remarkable uptick to 10 percent for job-changers, marking the second consecutive increase.
Nela Richardson, ADP’s chief economist, remarked on the unexpected aspects of the March report, stating, “March was surprising not just for the pay gains, but the sectors that recorded them.” She further emphasized that the three sectors experiencing the most significant increases for job-changers were construction, financial services, and manufacturing. Richardson also noted that despite cooling inflation, ADP’s data indicated a warming trend in pay across both goods and services sectors.
USD: ADP: Private Payrolls Surge 184,000 in March, Beat Expectations
US Private jobs report in March Month came at 184000 versus 148000 is expected and 155000 printed in February month. Job changers gained 10.00% increase in pay, Annual pay gain at 5.1% flat. Mostly job changers gained at Goods and services like construction, Financial services and manufacturing.
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Private sector employment expanded at its swiftest pace since July 2023, signaling ongoing strength in the U.S. labor market, as reported by payrolls processing firm ADP on Wednesday.
In March, companies added 184,000 workers, marking an uptick from the upwardly revised February gain of 155,000, which also aligned with the Dow Jones estimate for March.
In addition to robust job growth, ADP noted that wages for employees remaining in their positions increased by 5.1% from a year ago, mirroring February’s rate after a steady moderation dating back to 2023. Meanwhile, job switchers saw their wages surge by 10%, surpassing previous months’ increases.
Nela Richardson, chief economist at ADP, commented, “March was surprising not just for the pay gains, but the sectors that recorded them. Inflation has been cooling, but our data shows pay is heating up in both goods and services.”
Job gains were widespread, with the leisure and hospitality sector leading the way with 63,000 additions. Other notable increases were seen in construction (33,000), trade, transportation, and utilities (29,000), and education and health services (17,000). However, professional and business services experienced a loss of 8,000 jobs.
Services-related industries contributed 142,000 to the total job growth, with goods-producing industries accounting for the remainder. ADP’s survey, which analyzes payroll data from over 25 million workers, excludes government jobs.
The majority of growth stemmed from companies with more than 50 employees, while small businesses added just 16,000 to the total. Regionally, the South saw the largest gains, adding 91,000 workers.
The ADP estimate precedes the Labor Department’s nonfarm payrolls survey, set to release on Friday, although the numbers often diverge significantly. In February, the Bureau of Labor Statistics reported job growth of 275,000, exceeding ADP’s revised figure by 120,000. Economists surveyed by Dow Jones anticipate March’s count to show growth of 200,000.
Strong payroll expansion coupled with easing inflation has allowed the Federal Reserve to maintain a patient stance on monetary policy. While central bank officials anticipate initiating interest rate cuts later in the year, they have indicated that they require further evidence of sustained downward pressure on inflation before commencing reductions.
USD: ADP Data: US Adds 184,000 Jobs in March
US Private jobs report in March Month came at 184000 versus 148000 is expected and 155000 printed in February month. Job changers gained 10.00% increase in pay, Annual pay gain at 5.1% flat. Mostly job changers gained at Goods and services like construction, Financial services and manufacturing.
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Last month, US companies ramped up hiring in the most significant surge since July, indicating widespread demand for workers and some notable wage gains.
According to data released Wednesday by the ADP Research Institute in collaboration with Stanford Digital Economy Lab, private payrolls increased by 184,000 in March, following an upwardly revised gain of 155,000 in February. This figure exceeded the median estimate of a 150,000 increase in a Bloomberg survey of economists.
Wage growth showed signs of acceleration, particularly for job changers, who experienced a 10% rise from a year earlier, marking the largest advance since July. Meanwhile, workers who remained in their positions saw a median pay increase of 5.1% in March compared to a year ago, unchanged from the previous month.
Nela Richardson, chief economist at ADP, highlighted, “Inflation has been cooling, but our data shows pay is heating up in both goods and services.” She noted that the most significant pay gains for job changers were observed in construction, financial services, and manufacturing sectors.
The labor market demonstrated resilience with healthy demand for workers and relatively low levels of unemployment in recent months. Federal Reserve officials have cited this strength, coupled with the need for further progress in reducing inflation, as reasons to refrain from cutting interest rates from their current two-decade highs.
Job creation was broad-based, with substantial increases seen in leisure and hospitality, construction, and trade and transportation sectors. All regions experienced gains, with the South leading the way. Notably, businesses with at least 50 workers accounted for the largest advances.
The government’s forthcoming monthly employment report, anticipated on Friday, is expected to reveal a gain of around 215,000 in nonfarm payrolls, encompassing private and public-sector jobs. This pace, according to the median estimate in a Bloomberg survey, would be the slowest since November, following three solid months averaging 265,000.
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