Strong Job Growth Reported in March as Economists Anticipate Economic Resilience
Private sector added 155,000 jobs in March, exceeding expectations and indicating resilience in the labor market despite tariff-related uncertainties.
Overview
The ADP National Employment Report revealed the private sector added 155,000 jobs in March, outperforming economists' expectations of 115,000 and marking a significant increase from February's revised 84,000. Professional and business services led job creation with 57,000 positions, while financial activities and manufacturing added 38,000 and 21,000 jobs, respectively. Wage growth remained solid, with year-over-year pay increasing by 4.6% for job stayers and 6.5% for job movers. Despite concerns over President Trump's tariffs possibly impacting the economy, the data suggests a resilient labor market ahead of the upcoming BLS report.
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Analysis
- Private payroll gains were stronger than expected in March with 155,000 jobs added, surpassing the forecast of 120,000 and indicating resilience in the labor market.
- Hiring was broad-based, particularly in professional and business services, and overall wage growth remained robust with year-over-year increases of 4.6% for job-stayers.
- Despite challenges such as policy uncertainty and sluggish consumer confidence, the data suggests a solid labor market moving forward.
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