US firms add more jobs than expected in March
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The news: Hiring at US firms surged ahead of expectations in March, according to figures released by ADP research.
The numbers: Private-sector employment increased by 155,000 jobs in March, and annual pay increased 4.6% year-on-year. The job figures show a sharp increase from the upwardly revised 84,000 in February, and better than the Dow Jones consensus forecast for 120,000.
The context: The ADP data counters concerns of a slowing labour market and economy, as uncertainty around the Trump administration’s aggressive tariffs could prevent firms from growing headcount, slowing business activity.
Professional and business services added 57,000 workers while financial activities grew by 38,000 new roles, with service providers accounting for 132,000 of new positions overall.
The trade, transportation and utilities sectors saw a decline of 6,000 jobs, while natural resources and mining dropped by 3,000.
The ADP data comes ahead of the closely watched Bureau of Labor Statistics’ non-farm payrolls which will be published later on Thursday.
What they said: "Despite policy uncertainty and downbeat consumers, the bottom line is this: The March topline number was a good one for the economy and employers of all sizes, if not necessarily all sectors," said Nela Richardson, chief economist, ADP.
The sources: ADP report, CNBC
