ADP: 200,000 Private Sector Jobs Added In March

U.S. stock futures are rising along with Treasury yields on Wednesday following the release of today’s private payroll ADP report for March that matched Wall Street estimates and showed the U.S. employment picture is showing signs of stability and consistent growth.

Today ADP reported that private sector employment grew by 200,000 jobs in March, matching a briefing.com estimate of 200,000.

“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. 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” said Mark Zandi, chief economist of Moody’s Analytics in a press release.

On Friday’s closely watched U.S. non-farm payroll report from the Labor Department is expected to show an increase of 200,000 non-farm jobs in March.

Yesterday during a speech at the Economic Club in New York, Fed Chair Janet Yellen said that Committee members at the Federal Reserve expect moderate economic growth over the medium term accompanied by further labor market improvement.

Yellen explained that economic projections from the March Fed meeting reveal that participants’ projections for the federal funds rate is now only 0.9 percent for the end of 2016 and 1.9 percent for the end of 2017, both 1/2 percent below the medians from the December Fed meeting that initially projected 4 interest rate hikes in 2016.

Yellen said that Committee members at the Fed will proceed cautiously in adjusting monetary policy.

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About Johnathan Schweitzer 1467 Articles
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