ADP March jobs estimate beats expectations, with widespread gains

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Private-sector employment increased by 241,000 in March, on a seasonally adjusted basis, ADP estimated Wednesday.

In February, ADP says 246,000 jobs were added, compared to its previous estimate of 235,000.

Economists surveyed by IFR Markets projected a 205,000 job gain for March.

“We saw impressive momentum in the first quarter of 2018 with more jobs added per month on average than in 2017,” according to Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Midsized businesses added nearly half of all jobs this month, the best growth this segment has seen since the fall of 2014. The manufacturing industry also performed well, with its strongest increase in more than three years.”

“The job market is rip-roaring,” said Mark Zandi, chief economist of Moody’s Analytics. “Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten.”

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