Private sector employment increased by 263,000 in March, according to today’s ADP National Employment Report, easily beating the 175,000 consensus estimate from briefing.com.
In March the professional and business sector had the largest gain (57,000) followed by Leisure and Hospitality (55,000).
Information based jobs had a decline of – 10,000 in March.
“Job growth is off to a strong start in 2017. The gains are broad based but most notable in the goods producing side of the economy including construction, manufacturing and mining” said Mark Zandi, chief economist at Moody’s Analytics in a released statement.
“The U.S. labor market finished the first quarter on a strong note,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
“Consumer dependent industries including healthcare, leisure and hospitality, and trade had strong growth during the month,” Yildirmaz added.
The March ADP national employment report is released ahead of the government based non-farm employment report on Friday from the U.S. Bureau of Labor Statistics.
Economists from briefing.com have a consensus estimate that 180,000 non-farm payroll jobs were added in March after rising 235,000 in February.
Later today, minutes from the Federal Reserve’s March 15th monetary policy meeting are released.
During the Fed’s March policy meeting, Fed committee members voted to increase interest rates with the federal funds by 25 basis points to between .75-1.00 percent and projected 3 rate hikes in 2017, according to updated median projections on the Fed’s plot chart.
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