Inside the ADP Report - March's job growth was...

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. 

 

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