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The U.S. added 119,000 nonfarm, private-sector jobs in March on a seasonally adjusted basis, according to the national employment report released today by Automatic Data Processing Inc. (NASD: ADP). The gain represents the slowest rate of expansion since September.
“Job growth appears to be slowing in response to very significant fiscal headwinds,” said Mark Zandi, chief economist of Moody’s Analytics, which produces the report for ADP. “Tax increases and government spending cuts are beginning to hit the job market. Job growth has slowed across all industries and most significantly among companies that employ between 20 and 499 workers.”
The service-providing sector added 113,000 jobs in April. The goods-producing sector managed a gain of 6,000 jobs.
Small businesses, those with 49 or fewer workers, added 50,000 jobs in March. Large business, those with 500 or more workers, added 43,000 jobs. Midsize businesses added 26,000 jobs.
The report is based on an anonymous subset of more than 400,000 ADP clients in the U.S. that employ nearly 23 million U.S. workers.