March Sees a Significant Rise in US Private Payrolls

In a surprising turn of events, the United States private sector added 155,000 jobs in March, as reported by Automatic Data Processing Inc. (ADP) on Wednesday. This figure not only highlights the resilience of the US economy but also significantly exceeds market expectations.

Job Growth Across Different Sectors

Large establishments with more than 500 employees led the charge by adding 59,000 jobs, closely followed by small-sized businesses (1-19 workers) which contributed 42,000 new jobs. The service-producing sector was a major driver of this growth, adding 132,000 jobs, while the goods sector saw a modest increase of 24,000 jobs.

Wage Growth Highlights

Annual pay saw a healthy rise, with a 4.6% increase for job stayers and a more significant 6.5% for those who changed jobs. This data suggests a competitive job market, encouraging mobility among workers.

Expert Commentary

"Despite the backdrop of policy uncertainty and consumer pessimism, the March employment figures present a robust picture of the economy, benefiting employers across the board," remarked Chief Economist Nela Richardson.