Wednesday, April 03, 2019

ADP: Private Employment increased 129,000 in March

by Calculated Risk on 4/03/2019 08:20:00 AM

From ADP:

Private sector employment increased by 129,000 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.
...
March posted the slowest employment increase in 18 months,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Although some service sectors showed continued strength, we saw weakness in the goods producing sector.”

Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is weakening, with employment gains slowing significantly across most industries and company sizes. Businesses are hiring cautiously as the economy is struggling with fading fiscal stimulus, the trade uncertainty, and the lagged impact of Fed tightening. If employment growth weakens much further, unemployment will begin to rise.”
This was below the consensus forecast for 160,000 private sector jobs added in the ADP report. 

The BLS report will be released Friday, and the consensus is for 169,000 non-farm payroll jobs added in March.