USA, ADP: 184 thousand more employed in March, well above expectations

USA ADP 184 thousand more employed in March well above

(Finance) – The performance of the new jobs in the US private sector to March 2024. Those employed in the private sector recorded an increase of 184 thousand jobs, after the 155 thousand of the previous month (data revised from a preliminary figure of 140 thousand). Analysts’ expectations indicated an increase of 148 thousand units.
This is what the Automated Data Processing (ADP) report, which publishes this labor market report every month based on aggregate data received from the non-agricultural private sector. This report precedes the official one from the Department of Labor which will be published next Friday, April 12, 2024.

The greatest growth is in the food sector services (+142 thousand), in particular Leisure/hospitality (+63 thousand) and Trade/transportation/utilities (+29 thousand). In the field manufacturing jobs increase by 1,000 units, while in that of buildings of 33 thousand units.

On a dimensional level, the small companies recorded an increase in employment of 16 thousand, while companies of mediums dimensions recorded an increase of 93 thousand and the industry of large size of 87 thousand.

“March was surprising not only for wage increases, but also for the sectors that saw them,” said Nela Richardson, Chief Economist at ADP. “The three largest increases for those who changed jobs occurred in construction, financial services and manufacturing.Inflation is cooling, but our data shows that Wages are rising in both the goods and services sectors“.

(Photo: Saulo Mohana on Unsplash)