Inside the ADP Private Sector Jobs Report for March 2021
Bottom Line: The jobs economy isn’t exactly roaring back but for the second consecutive month the news was positive as we added private sector jobs in February. According to the ADP Report there were 117,000 private sector jobs gained. That included...
- Small businesses: +32,000
- Midsized: +57,000
- Large: +28,000
Once again, the gains are small but the breadth of them is solid. Across the board gains with small businesses outpacing large companies. That’s exactly what we want to see, albeit in larger numbers ideally. Still, small businesses adding more jobs than large companies for the second consecutive month is encouraging. Small businesses are your 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 February:
- #1 Trade, Transportation & Utilities
- #2 Education & Healthcare
- #3 Leisure and Hospitality
The fly in the ointment came in the form of construction and manufacturing jobs. Both dipped last month. Those are also leading economic indicators and were positive in January. Here’s to hoping it was a one-month blip. Tomorrow we’ll get the full picture with government jobs added in. More to come...
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