US private sector adds more jobs than expected in March - ADP

3rd Apr 2024 11:03

(Sharecast News) - Private sector employment in the US rose more than expected in March, according to figures released on Wednesday by the ADP.

Employment increased by 184,000 from February, versus expectations for a 148,000 jump. Meanwhile, February's gain was revised from 140,000 to 155,000.

Small businesses with fewer than 50 employees added 16,000 jobs, while medium businesses with between 50 and 599 employees added 93,000.

Large businesses with more than 500 employees created an additional 87,000.

The service sector added 142,000 jobs, while the goods-producing sector saw a 42,000 increase.

The data showed that job-stayers' pay was up 5.1% year-on-year, while gains for job-changers rose dramatically to 10%.

Nela Richardson, chief economist at ADP, said: "March was surprising not just for the pay gains, but the sectors that recorded them. The three biggest increases for job-changers were in construction, financial services, and manufacturing.

"Inflation has been cooling, but our data shows pay is heating up in both goods and services."