Private sector employers added 200,000 jobs to U.S. payrolls last month, meeting the consensus expectations of economists and demonstrating continuing job market strength despite global economic worries.
The ADP National Employment Report showed all industry sectors and firms from the smallest to the largest added workers in March. The largest grow came from companies with fewer than 50 workers. They accounted for 86,000 new jobs.
“The job market continues on its amazing streak.,” said Mark Zandi, chief economist of Moody’s Analytics, which produces the monthly report for ADP. “All indications are that the job machine will remain in high gear.”
Construction, a sector especially sensitive to economic conditions, continued to hire strongly, bringing on 17,000 more workers. Though less than February’s 24,000 new hires, it was more than double the hiring in March 2015.
However, large employers, those with more than 500 workers, added 39,000 workers, far below February’s 77,000. The largest of these, companies employing 1,000 or more people, had the sharpest drop, reducing their new job hiring from 63,000 in February to 18,000.
Large employers are far more susceptible to global conditions than are small employers.
Here’s what ADP reported for the other industry sectors it tracks:
- Manufacturing +3,000
- Trade/transportation/utilities +42,000
- Financial activities +14,000
- Professional/business services +28,000
Friday, the Labor Department will issue its initial report for March employment. Labor economists anticipate it will show a combined job growth for government and private, non-farm employers of between about 205,000 and 213,000. The unemployment rate is forecast to remain at 4.9%.