Private Payrolls Beat Expectations
Private payrolls jumped more than expected in March, according to the ADP Employment Report…(ADP)
- Private payrolls were up 455,000 in March beating economist expectations which were slightly lower at 450k.
Midsized companies saw the biggest payroll gains with a 188k gain in March…
- Large companies added 177k to their payrolls and small businesses added 90,000.
The service sector, by far, reported the biggest gains with 377,000 jobs created in March while the goods-producing sector added 79k…
- In the services sector, Leisure & hospitality saw the biggest monthly gain with 161,000 jobs created followed by education & health (+72,000) and professional & business (+61,000)
- In the goods-producing sector, manufacturing saw the biggest monthly gains with 54,000 jobs created followed by construction (+15,000) and natural resources & mining (+9,000).
I think ADP fell out of favor with a lot of people after their 800k revision to start the year. However, I like to be optimistic and with the economist predicting 490k jobs created in the monthly jobs report, I will take this report as a good sign heading into Friday.
