Private sector employers added only 158,000 jobs in March, down from a revised estimate of 237,000 jobs in February, and a sign that employment in the U.S. remains shaky, according to ADP's latest employment report.
Analysts with Econoday reviewed the report, concluding it is "strongly signaling weakness."
Not to mention, ADP revised its new job count for February from an earlier estimate of 246,000 positions to 237,000, suggesting growth wasn’t as strong as initially expected.
Making matters worse, most of the new jobs created in March appeared in the service sector, which generally hires employees at lower wages.
For a housing market looking for new buyers, more demand for employees in the service sector does not necessarily create the type of buying power needed to take on a mortgage.
Small businesses, however, created the most jobs, 74,000 to be exact. Medium business and large businesses added 37,000 and 47,000 jobs, respectively.