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For the second straight month, Automated Data Processing (ADP - Free Report) private-sector jobs numbers blew the doors off expectations. A total of 263K new jobs were created for the month of March, a gain of 18,000 jobs from last month’s (revised lower) ADP figure of 245K. And, for the second month in a row, Construction and Manufacturing jobs outperformed expectations, helping overall totals in the non-government labor market.
The top industries in new job growth were Professional/Business Services (57K) and Leisure/Hospitality (55K), which is not surprising. But the 49K new jobs in Construction and the 30K in Manufacturing are far stronger than the historical average during this entire resurgence in U.S. jobs, which has been going on for the past 7-8 years. Confidence not only with the consumer (which we’ve seen in other recent econ data) but with the goods-producing sectors has led the way, at least partially due to expectations from the Trump administration’s goals to bring back jobs in these categories.
Small-sized companies (fewer than 50 employees) grew the most last month at 118K, Medium companies (50-499 employees) grew by 100K and Large firms added 45K jobs. Services still far outweighed Goods, 181K to 82K respectively, but to reiterate — goods-producing is much higher than it’s been in the recent past, and for the second straight month.
Projections for Friday’s comprehensive non-farm payroll report from the Bureau of Labor Statistics (BLS) remain at 175K following today’s ADP report, though last month we saw analysts ratchet up their estimates in the wake of the strong ADP numbers. Historically, ADP and BLS jobs figures do tend to align (considering they track differently; ADP does not include government jobs, for instance), but usually only after a month or two of revisions from initial figures.
In any case, this has been one of the strongest three-month averages we have seen in a long time regarding jobs growth. This points to what several economists had predicted going back to last year, which is employment traction finally taking hold after a stubborn low-growth market in labor and elsewhere. Pre-markets jumped higher on the ADP data, though the 2-year and 10-year T-notes remain rangebound at this hour. Equities remain the place to be invested.
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Upbeat private-sector jobs data
For the second straight month, Automated Data Processing (ADP - Free Report) private-sector jobs numbers blew the doors off expectations. A total of 263K new jobs were created for the month of March, a gain of 18,000 jobs from last month’s (revised lower) ADP figure of 245K. And, for the second month in a row, Construction and Manufacturing jobs outperformed expectations, helping overall totals in the non-government labor market.
The top industries in new job growth were Professional/Business Services (57K) and Leisure/Hospitality (55K), which is not surprising. But the 49K new jobs in Construction and the 30K in Manufacturing are far stronger than the historical average during this entire resurgence in U.S. jobs, which has been going on for the past 7-8 years. Confidence not only with the consumer (which we’ve seen in other recent econ data) but with the goods-producing sectors has led the way, at least partially due to expectations from the Trump administration’s goals to bring back jobs in these categories.
Small-sized companies (fewer than 50 employees) grew the most last month at 118K, Medium companies (50-499 employees) grew by 100K and Large firms added 45K jobs. Services still far outweighed Goods, 181K to 82K respectively, but to reiterate — goods-producing is much higher than it’s been in the recent past, and for the second straight month.
Projections for Friday’s comprehensive non-farm payroll report from the Bureau of Labor Statistics (BLS) remain at 175K following today’s ADP report, though last month we saw analysts ratchet up their estimates in the wake of the strong ADP numbers. Historically, ADP and BLS jobs figures do tend to align (considering they track differently; ADP does not include government jobs, for instance), but usually only after a month or two of revisions from initial figures.
In any case, this has been one of the strongest three-month averages we have seen in a long time regarding jobs growth. This points to what several economists had predicted going back to last year, which is employment traction finally taking hold after a stubborn low-growth market in labor and elsewhere. Pre-markets jumped higher on the ADP data, though the 2-year and 10-year T-notes remain rangebound at this hour. Equities remain the place to be invested.