Wednesday, April 03, 2013

ADP: Private Employment increased 158,000 in March

by Bill McBride on 4/03/2013 08:19:00 AM

From ADP:

Private sector employment increased by 158,000 jobs from February to March, according to the March ADP National Employment Report®, which is produced by ADP® ... in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis. Revisions to job gains in the two prior months were offsetting; February’s gain of 198,000 jobs was revised up by 39,000 to 237,000, and January’s 215,000 gain was revised down by 38,000 to 177,000.
...
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth moderated in March. Construction employment gains paused as the rebuilding surge in the wake of Superstorm Sandy ended. Anticipation of Health Care Reform may also be weighing on employment at companies with close to 50 employees. The job market continues to improve, but in fits and starts.”
This was below the consensus forecast for 205,000 private sector jobs added in the ADP report. Note:  The BLS reports on Friday, and the consensus is for an increase of 193,000 payroll jobs in March, on a seasonally adjusted (SA) basis.

Note: ADP hasn't been very useful in predicting the BLS report.