The ADP National Employment report followed government data showing job openings falling below 10 million at the end of February for first time in nearly two years.
The ADP National Employment report on Wednesday followed on the heels of government data on Tuesday showingSlowing job growth will be welcomed by Federal Reserve officials as they consider whether to pause the central bank’s“While we don’t take too much signal from the ADP report, we think that the softness in the ADP data does provide at least some support for our view that the trend for job growth is moderating,” said Daniel Silver, an economist at JPMorgan in New York.
Data for February was revised higher to show 261,000 jobs added instead of 242,000 as previously reported.There were 75,000 jobs created in the service-providing sector.The goods-producing sector added 70,000 jobs, with construction employment increasing 53,000.There were 75,000 jobs created in the service-providing sector.
Still, there were 1.7 job openings for every unemployed worker in February, attesting to the labor market’s tightness. The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the Labor Department’s Bureau of Labor Statistics’ more comprehensive and closely watched employment report for March on Friday.According to a Reuters survey of economists, the government report is likely to show private payrolls increased by 215,000 jobs in March.
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