⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

U.S. private employers add 184,000 jobs in March - ADP

Published 04/03/2024, 08:44 PM
© Reuters

Investing.com -- The U.S. private sector added far more jobs than expected in March, pointing to continued strength in the labor market that may impact how Federal Reserve policymakers approach potential interest rate cuts this year.

Private sector employment increased by 184,000 jobs last month, according to data from payrolls processor ADP. Economists had forecast jobs growth of 148,000.

It was the largest increase in hiring since July, led by leisure and hospitality. Job gains were strong across industries with the exception of professional services, where hiring fell the report 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,” said Nela Richardson, chief economist, ADP. “Inflation has been cooling, but our data shows pay is heating up in both goods and services.”

For job-stayers, year-over-year pay gains were flat at 5.1% after months of steady deceleration. At the same time, gains for job-changers rose dramatically to 10%, the second straight increase.

The ADP numbers serve as a precursor to the all-important non-farm payrolls report due out on Friday, which will offer further insight into the health of the labor market.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.