by Bill McBride on 4/01/2015 08:21:00 AM
Wednesday, April 01, 2015
Private sector employment increased by 189,000 jobs from February to March according to the March ADP National Employment Report®. ... 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.This was below the consensus forecast for 225,000 private sector jobs added in the ADP report.
Goods-producing employment rose by only 5,000 jobs in March, down from 22,000 jobs gained in February. The construction industry added 17,000 jobs, down from 28,000 last month. Meanwhile, manufacturing lost 1,000 jobs in March, after adding 2,000 in February.
Service-providing employment rose by 184,000 jobs in March, down from 192,000 in February. ...
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth took a step back in March. The fallout from the collapse in oil prices and surge in value of the dollar is hitting the job market. Despite the slowdown, underlying job growth remains strong enough to reduce labor market slack.”
The BLS report for March will be released on Friday and the consensus is for 247,000 non-farm payroll jobs added in March.
Posted by Bill McBride on 4/01/2015 08:21:00 AM