US ADP private employment grew 455k in March, slightly above expectation of 450k. By company size, small businesses added 90k jobs, medium businesses added 188k, large businesses added 177k. By sector, goods-producing jobs grew 79k while service-providing jobs grew 377k.
“Job growth was broad-based across sectors in March, contributing to the nearly 1.5 million jobs added for the first quarter in 2022,” said Nela Richardson, chief economist, ADP. “Businesses are hiring, specifically among the service providers which had the most ground to make up due to early pandemic losses. However, a tight labor supply remains an obstacle for continued growth in consumer-facing industries.”
