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US private sector adds 241,000 jobs in March as momentum keeps up: ADP

April 04, 2018

US private sector employment rose by 241,000 jobs in March from February amid a “rip-roaring” job market, according to the ADP National Employment Report. February’s gain was revised upwards to 246,000 from the initially reported 235,000.

“We saw impressive momentum in the first quarter of 2018 with more jobs added per month on average than in 2017,” said Ahu Yildirmaz, VP and co-head of the ADP Research Institute. “Midsized businesses added nearly half of all jobs this month, the best growth this segment has seen since the fall of 2014. The manufacturing industry also performed well, with its strongest increase in more than three years.”

March’s jobs gain was well above forecasts from economists polled by Econoday, which had expected an average increase of 185,000, according to MarketWatch. This is the fifth straight gain above 200,000.

The number of goods-producing jobs rose by 65,000 in March on gains of 31,000 construction jobs, 29,000 manufacturing jobs and 5,000 natural resources/mining jobs.

Service-providing jobs rose by 176,000 in March, including by 44,000 jobs in professional/business services; 40,000 jobs in trade/transportation/utilities; and 29,000 jobs in healthcare/social assistance.

Jobs in education posted the only decline, falling by 1,000.

Large businesses added 67,000 jobs in March, midsize businesses added 127,000 jobs and small businesses added 47,000 jobs.

“The job market is rip-roaring,” said Mark Zandi, chief economist of Moody’s Analytics. “Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten.”