U.S. Private Sector Adds 62,000 Jobs In March, More Than Expected
(RTTNews) - Private sector employment in the U.S. increased by more than expected in the month of March, according to a report released by payroll processor ADP on Wednesday.
ADP said private sector employment grew by 62,000 jobs in March after climbing by an upwardly revised 66,000 jobs in February.
Economists had expected private sector employment to rise by 40,000 jobs compared to the addition of 63,000 jobs originally reported for the previous month.
"Overall hiring is steady, but job growth continues to favor certain industries, including health care," said ADP chief economist Dr. Nela Richardson.
ADP said employment in the education and health services industry jumped by 58,000 jobs, while the construction industry added 30,000 jobs.
Meanwhile, the report said employment in the trade, transportation and utilities industry slumped by 58,000 jobs during the month. The manufacturing industry also shed 11,000 jobs.
Pay growth for job-stayers was unchanged for the third straight month at 4.5 percent, ADP said, while year-over-year pay gains for job-changers accelerated to 6.6 percent.
On Friday, the Labor Department is scheduled to release its more closely watched report on employment in the month of March.
Economists currently expect employment to increase by 51,000 jobs in March after slumping by 92,000 jobs in February. The unemployment rate is expected to hold at 4.4 percent.
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