ADP: March Private Jobs Steady, Exceeds Forecasts

(ADP) reported that the U.S. private sector added 62,000 jobs in March, indicating steady growth that surpassed economists' expectations of 39,000, according to its latest monthly data. This figure represents a slight decrease from the 66,000 private-sector jobs measured by ADP in February.

ADP's data is derived from its internal payroll figures, differing from the government's official jobs report, which uses purpose-built surveys and includes the public sector. Job creation was solid across several sectors, with Construction adding 30,000 jobs and Mining 11,000, while manufacturing employment contracted.

In the services economy, Leisure and Hospitality added 7,000 jobs and the Information industry added 16,000. Education and Health Services led with 58,000 net jobs, continuing its trend of disproportionate job creation, as noted by Nela Richardson, ADP's chief economist.

Economists anticipate the government's official March jobs report, due Friday, will show 59,000 new jobs and a steady unemployment rate of 4.4%.