Private payroll company ADP reported that US jobs grew 455,000 in March 2022. The US Labor Department will report It’s jobs report on Friday. February added upwardly revised 486K increase with market expectations adding 450K.
ADP US March 2022 Employment Report
ADP report private businesses in the United States hired 455 thousand workers in March 2022, compared with an upwardly revised 550 thousand increases in February and beating market expectations of a 450 thousand rise, as the labor market continued to show signs of a solid recovery amid the ongoing economic rebound.
“Businesses are hiring, specifically among the service providers which had the most ground to make up due to early pandemic losses. However, a tight labor supply remains an obstacle for continued growth in consumer-facing industries”, said Nela Richardson, chief economist at ADP.
Where ADP Saw New Jobs
- Goods +79K
- Services +377K
- Small firms (less than 50 employees) hired 90K.
- Medium firms (50 – 499 employees) hired 188K
- Large firms (greater than 499 employees) hired 177K
- leisure and hospitality (161K);
- education and health (72K)
- professional and business services (61K).
- manufacturing (54K)
- construction (15K).
The ADP count comes two days ahead of the government’s nonfarm payrolls report, which includes government jobs that ADP does not count. The nonfarm payroll estimate for Friday is at 570K
The Fed Chair Powell came out with a more hawkish tone as expected at the last FOMC. Federal Reserve President Powell and other Fed Governors have admitted they are unsure of the path for wages and inflation. The wages data gives us indications of the FOMC plans on rates into 2022.
Estimates for BLS report
The Labor Department is set to release its March jobs report Friday at 8:30 a.m. ET. Here are the main metrics expected from the print, compared to consensus estimates compiled by Bloomberg:
- Non-farm payrolls: +490,000 expected, +678,000 in February
- Unemployment rate: 3.7% expected, 3.8% in February
- Average hourly earnings, month-over-month: 0.4% expected, 0.0% in February
- Average hourly earnings, year-over-year: 5.5% expected, 5.1% in February
Source: ADP, TradersCommunity Data, BLS
From The TraderCommunity Research Desk