Wednesday, April 05, 2017

ADP: Private Employment increased 263,000 in March

by Bill McBride on 4/05/2017 08:15:00 AM

From ADP:

Private sector employment increased by 263,000 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.
...
“The U.S. labor market finished the first quarter on a strong note,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Consumer dependent industries including healthcare, leisure and hospitality, and trade had strong growth during the month.”

Mark Zandi, chief economist of Moody’s Analytics said, “Job growth is off to a strong start in 2017. The gains are broad based but most notable in the goods producing side of the economy including construction, manufacturing and mining.”
This was well above the consensus forecast for 170,000 private sector jobs added in the ADP report. 

The BLS report for March will be released Friday, and the consensus is for 178,000 non-farm payroll jobs added in March.