From February to March, private-sector employment increased by 200,000, maintaining the pace of growth expected by economists. According to the ADP National Employment report released Wednesday morning, 9,000 of those jobs were added in the goods-producing sector, which includes construction and manufacturing industries. There were 17,000 jobs added in the construction industry in March, down from February's 24,000, and 3,000 jobs added in the manufacturing industry, compared to last month's loss of 9,000.
“The job market continues on its amazing streak. The March job gain of 200,000 is consistent with average monthly job growth of the past more than four years," said Mark Zandi, chief economist of Moody's Analytics. "The only industry reducing payrolls is energy as has been the case for over a year. All indications are that the job machine will remain in high gear.”
Compared to a year prior, total employment in the private sector has increased 2.08%, and total employment in the construction industry has grown 3.70%. March figures mark the 63rd consecutive month that construction industry employment has maintained a positive trajectory.
On Friday, the Bureau of Labor Statistics will release March figures for their Employment Situation report, which is expected to mirror ADP's results, but typically at lower levels.
The ADP National Employment Report® is a monthly measure of the change in total U.S. nonfarm private employment derived from actual, anonymous payroll data of client companies served by ADP®, a leading provider of human capital management solutions. The report, which measures nearly 24 million U.S. workers, is produced by the ADP Research Institute®, a specialized group within the company that provides insights around employment trends and workforce strategy, in collaboration with Moody’s Analytics, Inc.