The private sector employment ratio brought in 200,000 jobs from February to March, according to data released Wednesday.
According to the most recent March ADP National Employment Report, Payrolls for businesses with 49 or fewer employees increased by 86,000 jobs in March, up from February’s downwardly revised 68,000. Employment at companies with 50-499 employees increased by 75,000 jobs, up from February’s 60,000. Employment at large companies – those with 500 or more employees – dropped off to 39,000 which is about half of February’s 77,000. Companies with 500-999 employees added 20,000 jobs, up from 14,000 in February. Companies with over 1,000 employees fell from 63,000 jobs added in February to 18,000 this month.
"The Trade, Transportation and Utilities sector had its best month of employment gains since last June,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “Steady employment growth and accelerating wage growth in the workforce appear to be benefitting the Trade segment in particular.”
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The report said service-providing employment rose by 191,000 jobs in March, down from 204,000 in February.
One of the hardest hit areas is the mortgage servicing community.
According to ADP, professional/business services, which mortgage servicing is packed into, only contributed 28,000 jobs.
That's down sharply from February’s 51,000.
Trade/transportation/utilities grew by 42,000, well above the 24,000 jobs added the previous month. Financial activities added 14,000 jobs which is in line with the average monthly increase in that sector over the past year
Mark Zandi, chief economist of Moody’s Analytics, says the job market “continues on its amazing streak.”
“The job market continues on its amazing streak. The March job gain of 200,000 is consistent with average monthly job growth of the past more than four years. The only industry reducing payrolls is energy as has been the case for over a year. All indications are that the job machine will remain in high gear,” added Zandi.
The April 2016 ADP National Employment Report will be released on May 4, 2016.