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Financial News: U.S. Private Sector Job Growth Exceeds Estimates In

U.S. Private Sector Job Growth Exceeds Estimates In March

04/03/2024 - 09:50:00 (RTTNews)

(RTTNews) - Payroll processor ADP released a report on Wednesday showing stronger than expected private sector job growth in the U.S. in the month of March.

ADP said private sector employment jumped by 184,000 jobs in March after climbing by an upwardly revised 155,000 jobs in February.

Economists had expected private sector employment to increase by 148,000 jobs compared to the addition of 140,000 jobs originally reported for the previous month.

The stronger than expected job growth was led by the leisure and hospitality industry, which added 63,000 jobs during the month.

ADP said job gains were strong across industries with the exception of professional services, where employment dipped by 8,000 jobs.

The report also said annual pay growth for job-stayers was flat at 5.1 percent after months of steady deceleration, while annual pay growth for job-changers accelerated dramatically to 10.0 percent.

"March was surprising not just for the pay gains, but the sectors that recorded them," said ADP chief economist Nela Richardson.

"The three biggest increases for job-changers were in construction, financial services, and manufacturing," she added. "Inflation has been cooling, but our data shows pay is heating up in both goods and services."

On Friday, the Labor Department is scheduled to release its more closely watched monthly employment report, which includes both public and private sector jobs.

Economists currently expected employment to jump by 200,000 jobs in March after surging by 275,000 jobs in February, while the unemployment rate is expected to hold at 3.9 percent.

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