Wells Fargo Chairman and CEO Charlie Scharf discusses the resilient U.S. economy amid geopolitical risks and market volatility on “Mornings with Maria.”
Private sector companies added 62,000 jobs in March, payroll processing company ADP said Wednesday.
This figure is above economists’ estimates of a gain of 40,000 jobs. The previous month’s payroll figure was revised higher to a gain of 66,000, compared to an initially reported gain of 63,000.
“Overall, workforce levels are stable, but job growth continues to favor certain sectors, including health care,” said Nela Richardson, ADP’s chief economist. “In March, this solid performance was accompanied by an increase in wage increases for job changers.”
Education and health services added 58,000 jobs, which was the largest job creation in February. Construction added 19,000, information gathering 16,000 and natural resources and mining added 11,000.
A professor talks to a group of students in a lecture hall. (iStock)
Leisure and hospitality created 7,000 jobs, while financial activities and other services created 4,000 jobs each. Professional and business services added 1,000 jobs in March.
On the negative side, trade, transportation and utilities lost 58,000 jobs. The manufacturing sector lost 11,000 positions in March.
The private sector added 62,000 workers in March, ADP said Wednesday. (Yuki Iwamura/Bloomberg via Getty Images)
Large companies – companies with 500 or more employees – lost 4,000 jobs in March. Companies with 50 to 499 employees lost 20,000 employees. Companies with fewer than 50 employees gained 85,000 jobs.
The manufacturing sector lost 11,000 positions in March, ADP said. (Emily Elconin/Bloomberg via Getty Images)
Wage growth in March was little changed from last month. People who stayed in their roles saw their wages rise by 4.5% over the previous year, while wage increases for those who changed jobs rose slightly to 6.6% from 6.3% in February.
