US private payrolls surge by 184K jobs in March
(MENAFN) A recent report published by a research institute on Wednesday revealed that US private payrolls experienced a notable increase of 184,000 jobs in March. This figure surpassed market expectations, which had forecasted a rise of 148,000 jobs for the same period.
Notably, the February data had shown an increase of 155,000 jobs, indicating a continued positive trend in employment growth. This stronger-than-anticipated performance in March suggests resilience and potential strength in the US labor market, providing optimistic signals for economic recovery and stability.
"March was surprising not just for the pay gains, but the sectors that recorded them," the ADP Research Institute, in partnership with the Stanford Digital Economy Lab, stated this.
"The three biggest increases for job-changers were in construction, financial services, and manufacturing. Inflation has been cooling, but our data shows pay is heating up in both goods and services," she further mentioned/
Small and mid-sized enterprises contributed 16,000 and 93,000 jobs, respectively, while large businesses saw a gain of around 31,000 jobs.
The leisure and hospitality sector recorded the most significant increase, adding 87,000 jobs, trailed by trade, transportation, and utilities, which saw an uptick of 23,000 jobs.
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