Private companies added 155,000 jobs in March, exceeding expectations by a steep amount, according to a report from ADP. This was a sharp increase from the upwardly revised 84,000 in February and better than the Dow Jones forecast for 120,000. There were fears among economic experts that the labor market and economy were slowing, but the latest jobs report reveals otherwise for now.
JUST IN: 🇺🇸 Private US companies added 155,000 jobs in March, more than expected.
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On the wage side, earnings rose by 4.6% year over year for those staying in their positions and 6.5% for job changers. The gap between the two matched a series low. “Despite policy uncertainty and downbeat consumers, the bottom line is this: The March topline number was a good one for the economy and employers of all sizes, if not necessarily all sectors,” said Nela Richardson, chief economist, ADP.
Furthermore, the upcoming BLS report is expected to reflect solid labor market conditions, with private job gains projected at 130,000 and the unemployment rate likely remaining at 4.1%. In the last year, the BLS number has been higher than the ADP number seven out of twelve times, so it would be very difficult to draw conclusions on what Friday’s BLS number will be
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The service sector continued to be the leader with 132,000 jobs added in March, while the goods sector added 24,000. The leading industry was professional & business services, adding 57,000 jobs, followed by financial activities, adding 38,000.