US Private Sector Job Growth Above Forecasts
In March 2025, private businesses in the United States increased their payrolls by 155,000 positions, reflecting a rise from the revised figure of 84,000 in February and surpassing forecasts of 105,000. The services sector was responsible for adding 132,000 jobs, with notable contributions from professional and business services (57,000), financial activities (38,000), leisure and hospitality (17,000), education and health services (12,000), and information (3,000). On the other hand, the trade, transportation, and utilities sector experienced a decline, losing 6,000 positions. The goods-producing sector saw the addition of 24,000 jobs, with manufacturing contributing 21,000 and construction adding 6,000, although there was a loss of 3,000 jobs in natural resources and mining. Furthermore, annual pay increases for those staying in the same job decelerated to 4.6%, while those changing jobs saw an increase of 6.5%. The pay advantage for job-changers was 1.9 percentage points, equaling a series low not seen since September. Nela Richardson, Chief Economist at ADP, commented, "Despite the prevailing policy uncertainties and consumer pessimism, the takeaway is clear: the March job growth figures are positive news for the economy and businesses across the board, even if not every sector felt the benefits equally."
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