Home Economy Private sector adds 263,000 jobs in March: ADP

Private sector adds 263,000 jobs in March: ADP

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         Private sector adds 263,000 jobs in March: ADP

Private-sector employment continued at a torrid pace in March, according to data released Wednesday morning.

Employers added 263,000 private sector jobs last month, up from a revised 245,000 in February, ADP Inc. reported.

The increase in March was above expectations. Economists polled by Econoday had forecast a March gain of 170,000 jobs compared with an original estimate of 298,000 for February.

Stock futures

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  rose after the data was released.

According to ADP, professional and business sectors added 57,000 jobs and leisure and hospitality added 55,000. There was another strong month for the construction industry, where 49,000 jobs were added, and the manufacturing sector added 30,000 positions.

Economists use ADP’s data to get a feeling for the U.S. Labor Department’s employment report, which will be released Friday and covers government jobs in addition to the private sector. Economists polled by MarketWatch expect the government’s report to show nonfarm employment rose by 178,000 jobs last month, compared with a February gain of 235,000 jobs.

ADP calculates the data by using its own payrolls information, as well as unspecified other factors.

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