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The latest data from ADP shows that even though the economy may be impacted by low consumer confidence and risk due to trade policies, U.S. companies are still hiring.
The March ADP National Employment Report released on Wednesday shows that private sector employment grew by 155,000 jobs in March, more than the expected Dow Jones forecast of 120,000 jobs, and pay was up 4.6% year-over-year. The report, which ADP Research created with the help of the Stanford Digital Economy Lab, captures the employment information of more than 25 million U.S. workers.
“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,” Nela Richardson, chief economist of ADP, said in a statement.
In comparison, the U.S. Bureau of Labor Statistics found that the U.S. economy added 151,000 jobs in February and 143,000 jobs in January, making March the month with the highest number of job additions yet this year.
The hiring growth in March was driven by manufacturing, which added 21,000 jobs; professional and business services, which added 57,000; and financial activities, which grew by 38,000 positions.
Not every sector saw growth. The natural resources sector and trade, transportation, and utilities industries lost at least 3,000 jobs each last month.
Jobs were mainly added in the Northeast and Midwest regions, with large companies of 500 or more employees driving most of the gains.
Still, the ADP numbers are one data point as the upcoming March employment report from the U.S. Bureau of Labor Statistics, which is slated for release on Friday, will present other figures.
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ADP also released pay insights in the report showing that workers who stayed in their jobs received a median annual pay increase of 4.6% for the year ending in March, while job changers benefitted from a higher increase of 6.5%.
A wage growth survey conducted by the U.S. Bureau of Labor Statistics and the Federal Reserve Bank of Atlanta last month found an identical figure for stayers but a lower one for switchers. The survey stated that job stayers saw salaries rise by 4.6% in February compared to 4.8% for switchers.
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