US Private Payrolls Experience Significant Growth in March

According to the latest report from Automatic Data Processing Inc., private payrolls in the United States increased by 155,000 in March, a figure that notably exceeded market forecasts.

Job Growth Across Different Sectors

Large establishments with over 500 employees led the way, adding 59,000 new jobs, followed by small-sized businesses with 1 to 19 workers, which contributed 42,000 jobs. The service-producing sector was a major driver of this growth, with 132,000 jobs added, while the goods sector saw an increase of 24,000 jobs.

Wage Growth Highlights

Annual pay saw a 4.6% year-on-year increase for employees who stayed in their jobs, and a more significant 6.5% rise for those who changed jobs. "Despite policy uncertainty and downbeat consumers, the March topline number was a good one for the economy and employers of all sizes, if not necessarily all sectors," remarked Chief Economist Nela Richardson.