ADP employment
- Prior was +77K (revised to +84K)
- Goods producing +24K vs +42K prior
- Service providing +132K vs +36K prior
- Pay gains for job stayers 4.6% vs 4.7% prior
- Pay growth for job changers 6.5% vs 6.7% prior
This is a nice bounce back from a poor reading in February. There isn’t any evidence that there are layoffs due to policy uncertainty (at least outside of government) and with this rebound, there isn’t much evidence there is a lack of hiring either. Companies are down beat so that could change but the mismatch between hard and soft data continues.
“Despite policy uncertainty and downbeat consumers, the bottom line is this: The March topline number
was a good one for the economy and employers of all sizes, if not necessarily all sectors,” said Nela
Richardson, chief economist, ADP.
