Wednesday, April 04, 2018

ADP: Private Employment increased 241,000 in March

by Bill McBride on 4/04/2018 08:20:00 AM

From ADP:

Private sector employment increased by 241,000 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.
...
“We saw impressive momentum in the first quarter of 2018 with more jobs added per month on average than in 2017,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Midsized businesses added nearly half of all jobs this month, the best growth this segment has seen since the fall of 2014. The manufacturing industry also performed well, with its strongest increase in more than three years.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is rip-roaring. Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten.”
This was above the consensus forecast for 180,000 private sector jobs added in the ADP report. 

The BLS report for March will be released Friday, and the consensus is for 167,000 non-farm payroll jobs added in March.