Inside the ADP Private Sector Jobs Report for April 2021
Bottom Line: The jobs economy took a nice step forward in March with a third consecutive month of job gains and the best month of private sector jobs gains since September. According to the ADP Report there were 517,000 private sector jobs gained. That included...
- Small businesses: +174,000
- Midsized: +188,000
- Large: +155,000
Just as encouraging as the size of the gains...where they came from. Across the board gains with small businesses outpacing large companies. That’s exactly what we want to see in a job's recovery. This dynamic is especially encouraging. Small businesses are leading economic indicators and typically are only hiring when the real-time demand is there to necessitate it.
Here were the top industries for hiring in March:
- #1: Leisure and Hospitality
- #2: Trade, Transportation & Utilities
- #3: Professional & Business Services
The news was good just about everywhere including a gain of 49,000 manufacturing jobs. The fly in the ointment came in the form of the energy sector. The Biden administration's policy to limit the harvesting natural resources showed up again as 1,000 additional jobs were lost in the sector during March. That’s especially unusual with the cost of most commodities rising – which generally leads to an expansion of jobs in those industries. This illustrates the rising cost of commodities coming largely from less production. Tomorrow we’ll get the full jobs picture with government jobs added in. More to come...
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