Economic Snapshot: Private sector employment adds 263,000 jobs in March
Private sector employment increased by 263,000 jobs in March. This is up from 245,000 in February, down from the originally estimated 298,000 jobs, and marks the fifth consecutive month of private sector employment gains above 200,000.
“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.”
Small and medium businesses contributed most heavily to the increase, adding 118,000 and 100,000 jobs, respectively. Large businesses added 45,000 jobs.
Service-producing employment added 181,000 jobs in March. Professional/business services added 57,000 jobs, trade/transportation/utilities added 34,000 jobs and financial services added 25,000 jobs.
Goods-producing employment added 82,000 jobs in March. Construction added 49,000 jobs and manufacturing added 30,000 jobs.
Goods-producing employment struggled throughout much of 2016, but is off to a strong start in 2017.
“Job growth is off to a strong start in 2017,” said Mark Zandi, chief economist of Moody’s Analytics. “The gains are broad based but most notable in the goods producing side of the economy including construction, manufacturing and mining.”
