Economy, Small Business

Economic Data Roundup (03/30/2016)

3/30/16 12:00 PM

iStock_000009946822_SmallThe only important information on the U.S. economy released this morning is a report from ADP which showed that business hiring continued at a healthy pace in March. Specifically, 200K private-sector payrolls were added to the economy this month, in line with expectations but the February figure was revised slightly lower. The smoother 3-month average of ADP’s hiring estimates now sits at 199K, the first sub-200K reading since November but still a solid pace of job creation for the first quarter. Elsewhere in the report, small businesses were again a major driver of private-sector job growth in America as firms with 1-49 employees added another 86K workers this month, up from 68K in February and the best sequential gain since December. More than 95 percent of all the jobs added in March were in the services sector (191K), which included large gains in the "professional and business" and “transportation and utilities” arenas. There were 17K construction payrolls added this month but just 3K jobs created in the manufacturing sector. Overall this was a positive data-release but it is worth mentioning that a good ADP print does not guarantee a similarly strong job report from the Bureau of Labor Statistics (BLS) this Friday. Still, Mark Zandi, chief economist of Moody’s Analytics, added that “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 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.”

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Sources: ADP

Post author: Charles Couch