{"id":456,"date":"2023-04-05T23:02:44","date_gmt":"2023-04-06T04:02:44","guid":{"rendered":"https:\/\/enjoyingthisjourney.com\/us-private-sector-employment-increases-by-145000-jobs-in-march-with-6-9-annual-pay-growth\/"},"modified":"2023-04-05T23:02:44","modified_gmt":"2023-04-06T04:02:44","slug":"us-private-sector-employment-increases-by-145000-jobs-in-march-with-6-9-annual-pay-growth","status":"publish","type":"post","link":"https:\/\/enjoyingthisjourney.com\/us-private-sector-employment-increases-by-145000-jobs-in-march-with-6-9-annual-pay-growth\/","title":{"rendered":"US Private Sector Employment Increases by 145,000 Jobs in March, with 6.9% Annual Pay Growth"},"content":{"rendered":"
Private sector employment in the US increased by 145,000 jobs in March, while annual pay was up 6.9% year-over-year, according to the March ADP National Employment Report.[0]<\/a><\/sup> The report, produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab, uses anonymised payroll data from more than 25 million US employees to provide a representative picture of the labour market.[1]<\/a><\/sup> Small and medium-sized businesses drove the employment gains, adding 101,000 and 33,000 jobs respectively, while large businesses added just 10,000 jobs.[2]<\/a><\/sup> While the leisure and hospitality industry saw the largest growth with 98,000 new jobs added, the financial activities industry lost 51,000 positions.[3]<\/a><\/sup> Annual pay growth decelerated for both job stayers and job changers, with job stayers seeing a decline to 6.9% from 7.2% in February, and job changers experiencing a pay increase of 14.2%, down from 14.4%.[4]<\/a><\/sup><\/p>\n ADP's chief economist, Nela Richardson, said, “Our March payroll data is one of several signals that the economy is slowing. Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down.”[5]<\/a><\/sup> The report follows the Paychex | IHS Markit Small Business Employment Watch, which found that small business employment had grown consistently during the first quarter of 2023, with the Small Business Jobs Index increasing modestly (0.06%) from the previous month to 99.73.[6]<\/a><\/sup> The report also showed average hourly earnings increased slightly from the previous month to 4.64%.[7]<\/a><\/sup><\/p>\n 0. <\/span>“Private Sector Employment Rose by 145,000 Jobs in March” Floor Focus, 5 Apr. 2023, https:\/\/www.floordaily.net\/flooring-news\/private-sector-employment-rose-by-145000-jobs-in-march<\/a><\/p>\n 1. <\/span>“ADP National Employment Report: Private Sector Employment Increased by 145,000 Jobs in March; Annual Pay was Up 6.9%” Forex Factory, 5 Apr. 2023, https:\/\/www.forexfactory.com\/news\/1214403-adp-national-employment-report-private-sector-employment-increased<\/a><\/p>\n 2. <\/span>“U.S. Private-Sector Hiring Eased in March in Signal of Slowing Economy, ADP Says” Morningstar, 5 Apr. 2023, https:\/\/www.morningstar.com\/news\/dow-jones\/202304055035\/us-private-sector-hiring-eased-in-march-in-signal-of-slowing-economy-adp-says<\/a><\/p>\n 3. <\/span>“US private sector hiring slows more than expected in March, ADP says” ShareCast, 5 Apr. 2023, https:\/\/www.sharecast.com\/news\/international-economic\/us-private-sector-hiring-slows-more-than-expected-in-march-adp-says–12921136.html<\/a><\/p>\n 4. <\/span>“Private US Employers Added Fewer Jobs Than Expected in March” Investopedia, 5 Apr. 2023, https:\/\/www.investopedia.com\/private-us-employers-added-fewer-jobs-than-expected-in-march-7375930<\/a><\/p>\n 5. <\/span>“ADP data: U.S. businesses add fewer jobs than projected” Crain's Cleveland Business, 5 Apr. 2023, https:\/\/www.crainscleveland.com\/economic-outlook\/adp-data-us-businesses-add-fewer-jobs-projected<\/a><\/p>\n 6. <\/span>“Small business jobs and employee earnings grew slightly in March” Accounting Today, 4 Apr. 2023, https:\/\/www.accountingtoday.com\/news\/small-business-jobs-and-employee-earnings-grew-slightly-in-march<\/a><\/p>\n