by Bill McBride on 3/30/2016 08:19:00 AM
Wednesday, March 30, 2016
Private sector employment increased by 200,000 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 close to the consensus forecast for 203,000 private sector jobs added in the ADP report.
Goods-producing employment rose by 9,000 jobs in March, up from a downwardly revised 2,000 in February. The construction industry added 17,000 jobs, which was down from February’s 24,000. Meanwhile, manufacturing added 3,000 jobs after losing 9,000 the previous month.
Service-providing employment rose by 191,000 jobs in March, down from 204,000 in February.
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market continues on its amazing streak. The March job gain of 200,000 is consistent with average monthly job growth of the past more than four years. The only industry reducing payrolls is energy as has been the case for over a year. All indications are that the job machine will remain in high gear.”
The BLS report for March will be released Friday, and the consensus is for 210,000 non-farm payroll jobs added in March.
Posted by Bill McBride on 3/30/2016 08:19:00 AM