Market Updates
Private Sector Job Growth Slowed In March
Brian Turner
05 Apr, 2023
New York City
U.S. private sector job growth slowed in March as consumer demand ebbed and rising interest rates began to bite following nine rate hikes over the last fourteen months.
The monthly national employment report released by ADP showed that the private sector hiring trended lower after a three-month plateau.
"Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down," Nela Richardson Chief Economist, ADP.
Private sector added 145,000 net new jobs following upwardly revised 261,000 in February.
Service sector added 75,000 jobs and goods producing industries added 70,000 jobs in the month.
Payrolls expanded by 47,000 in natural resource and mining, 53,000 in construction but declined 30,000 in manufacturing.
In the services sector, leisure and hospitality added 98,000 and trade, transportation and utilities expanded 56,000 but financial activities trimmed 51,000 and professional services lowered 46,000.
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