US ADP private employment grew 184k in March, above expectation of 150k. By sector, goods-producing jobs increased 42k while service-providing jobs increased 142k. By establishment size, small companies added 16k jobs, medium companies added 93k, large companies added 87k.
For job-stayers, year-over-year pay gains was unchanged at 5.1%. Annual pay growth for job changes accelerated sharply from 7.6% to 10.0%.
Nela Richardson, Chief Economist at ADP, said: “March was surprising not just for the pay gains, but the sectors that recorded them. 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.”
