The employment statistics are in from March, and much like the month prior, they blew expectations out of the water.
After Donald Trump’s first full month in office (February), ADP reported that private sector employment surged 298,000, toppling expectations of 190,000. That amounted to the largest single month of job creation in the past year.
The surge in employment has hardly stopped – with March’s figures being the second highest increases in the past 12 months.
As CNBC reported: Companies added 263,000 jobs for the month, ADP and Moody’s Analytics said. That was well above the 185,000 expected from economists surveyed by Reuters and also better than the 245,000 reported for February.The February number was revised significantly lower, however, from the originally reported 298,000.
In addition to the big gain on the headline number, the month also continued a trend away from services-oriented positions dominating job creation. Goods-producing firms contributed 82,000 to the total, as construction led the way with 49,000 new jobs.Professional and business services was the leading sector, with 57,000, while leisure and hospitality added 55,000 and health care was up 46,000. Manufacturing payrolls grew by 30,000 and trade, transportation and utilities rose by 34,000.
In terms of company size, fewer than 50 employees was the biggest growth area, with 118,000. Firms that employ 50 to 499 workers added 100,000.
The markets jumped on the larger than expected numbers, with the S&P500, Dow Jones, and Nasdaq up 0.49 percent, 0.64 percent, and 0.36 percent mid day.
[Note: This post was authored by Matt Palumbo. Follow him on Twitter @MattPalumbo12]