BlockBeats message: April 1, the U.S. “mini nonfarm” growth came in above expectations. In the U.S., ADP employment increased by 62,000 in March, higher than the market expectation of 40,000, and roughly in line with the 63,000 increase from the previous month. ADP, the American automatic data processing company, said that in March both hiring growth and wage increases remained steady. The smallest-scale businesses became the main driver of employment growth for the second consecutive month, while hiring activity in the trade, transportation, and utilities sectors continued to contract.
Nela Richardson, Chief Economist at ADP, said that overall hiring conditions remain steady, but employment growth is still continuing to tilt toward specific industries such as healthcare. In March, while the labor market performance stayed solid, wage growth for job switchers also rose. (Jin10)
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