Inside the ADP Report - March's job growth was...
Bottom Line: Exceptional. According to the ADP private sector jobs report we added another 241,00 jobs in March. That's a huge number for this point in the employment cycle with unemployment already historically low. There was even a cherry on top - a positive revision of 11,000 jobs from the February report. This was the fifth consecutive month with more than 200,000 jobs being added and if you want consistency in addition to great results consider the past five months:
November: +200k
December: +249k
January: +241k
February: +246k
March: +241k
Pretty awesome. As for where the jobs were added in March:
Small biz: +47k
Mid-Sized: +127k
Large: +67k
So small biz growth was decent but mid-sized businesses are under a hiring boom as they've led in hiring thus far in 2018. This is likely a byproduct of the lower corporate tax rates as smaller companies are less likely to use savings for immediate expansion. Mid-sized businesses are often well positioned to grow with additional resources. As for industries leading the pack...
Professional and business services: +44k
Trade Transportation & Utilities: +40k
Construction: + 31k
Manufacturing: +29k
Education & Health: +28k
So excellent distribution of jobs is still happening as well with manufacturing still accelerating it's hiring growth of recent months. In other words, there's good news pretty much everywhere you look. Now let's just hope that the escalating trade issues don't begin to take momentum away.