ADP Report: US Companies Surpass Expectations by Adding 155,000 Jobs

Recruitment at US companies surged last month, rebounding from a sluggish February influenced by extreme weather in various parts of the nation.

According to ADP Research, private-sector payrolls rose by 155,000 in March, exceeding all but one forecast in a Bloomberg survey of economists. The growth was largely fueled by sectors such as professional and business services, financial activities, and manufacturing.

“Despite uncertainties in policy and a generally pessimistic consumer outlook, the overall takeaway is clear: the March topline figure was favorable for the economy and for employers across various scales, although not uniformly across all sectors,” stated Nela Richardson, chief economist at ADP.

The ADP statistics complement other data indicating stable labor demand, such as a steady number of unemployment benefit claims and relatively low layoff figures this year. This aligns with a job market that Federal Reserve Chair Jerome Powell described as a “low firing, low hiring situation” last month.

The ADP report, created in collaboration with the Stanford Digital Economy Lab, indicated a slowdown in wage growth. Workers who switched jobs experienced a 6.5% salary increase, whereas those who remained in their positions saw a 4.6% rise. The discrepancy between the two marks a series low.

Policymakers and investors are set to receive a more detailed overview of the job market when the government publishes its March employment report on Friday. Economists expect nonfarm payroll growth to have slightly moderated from February, yet remain robust at an estimated 140,000. The unemployment rate is projected to stay steady at 4.1%.

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