Employment reports for the private sector in the United States in March were reported to grow at the fastest rate since September as expectations that the economy would continue to record a strong recovery, coupled with more aggressive vaccination rates prompted companies to hire more workers.
The corporate sector managed to add 517,000 jobs in March. This figure is far higher than the figure recorded last month of 176,000. Even so it is slightly off track from economists ’forecasts targeting as many as 525,000 jobs.
Although the March figures were below expectations, March showed that the economy had recorded the largest intake since last September.
The high ADP reading in March was driven by an increase in employment from the recreation and hospitality sectors. This sector is one of the most affected sectors but it has contributed 169,000 workers in March and 437,000 from the services sector.
According to Nela Richardson, chief economist at ADP thinks the hospitality sector, restaurants and the like have the greatest opportunity to grow as the economy continues to open up gradually and vaccines are made more widely available.
The market is now focused on the NFP data that will be released on Friday. Analysts expect an increase of 675,000 in March. The unemployment figure is also expected to fall to 6%.
