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The U.S. private sector saw robust job creation in March, with companies adding 62,000 positions, according to payroll processing firm ADP. This figure exceeded economists’ projections of a 40,000-job increase, underscoring the economy’s resilience.
ADP’s report also revised February’s job gains upward, from 63,000 to 66,000, painting a picture of sustained hiring momentum. The healthcare and education sectors led the way, adding 58,000 jobs, followed by construction (19,000), information (16,000), and natural resources and mining (11,000).
“Overall hiring is steady, but job growth continues to favor certain industries, including health care,” noted ADP chief economist Nela Richardson. The report further indicated that job-changers experienced a boost in pay gains during the month.
While leisure and hospitality added 7,000 jobs, financial activities and other services each added 4,000. Professional and business services saw a more modest increase of 1,000 positions.
This data precedes the Labor Department’s broader jobs report, which will provide a more comprehensive view of the employment landscape, including government jobs and the unemployment rate. However, the ADP figures suggest continued strength in the labor market, despite concerns about inflation and potential economic slowdown.
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