ADP employment report for March
The ADP National Employment Report for March 2018 was released on Wednesday, April 4, 2018. It saw improvement in the private sector employment to 241,000, beating the market expectation of 208,000. In February 2018, the private sector added 235,000 jobs.
Key highlights from the March report
- The professional and business sectors added 44,000 jobs.
- The financial activities (XLF) sector added 18,000 jobs.
- The education and health sector added 28,000 jobs.
- The leisure and hospitality sector added 26,000 jobs.
- Other services added 17,000 jobs.
- The trade, transportation, and utilities (XLU) sector added 40,000 jobs.
Of the 241,000 jobs added in the private sector in March, 47,000 of them were in the small business category, 127,000 were in the medium business category, and 67,000 were in the large business category.
Impact on the economy and the market
According to the ADP report, the private sector added a good number of jobs in March. The improvement in the labor market condition is minimizing the concern of rising unemployment, which is a positive sign. But a steeper rise in wages could also affect factors such as inflation and the interest rate, which would rise at a faster pace.
In the next part of this series, we’ll analyze the performance of the US non-farm payroll in March 2018.