Quick Commentary on U.S. March ADP Jobs Report

U.S. ADP Employment Number increased by 62,000 in March, compared to an expected increase of 40,000; the previous value was revised from an increase of 63,000 to an increase of 66,000. The report shows that both hiring and wage growth remained stable in March. Smallest-scale businesses were the primary driver of employment growth for the second consecutive month, while hiring in the trade, transportation, and utilities sectors continued to contract. ADP Chief Economist Nela Richardson stated that the overall hiring situation remains stable, but job growth continues to be skewed toward specific sectors such as healthcare. In March, while the labor market performed solidly, wage growth for job switchers also increased.