Private Sector Hiring Surpasses Expectations in March, Led by Healthcare and Construction

Private sector employment growth in March exceeded forecasts, with healthcare and construction driving the majority of job gains, according to ADP. The report highlights a resilient labor market amid ongoing economic adjustments.

• March private sector hiring totaled 62,000, exceeding the expected 39,000.
• Healthcare and construction accounted for nearly all job gains, with 58,000 and 30,000 jobs added, respectively.
• Small businesses led hiring, adding 85,000 jobs, while medium and large firms reported declines.
• Wage growth for current employees held at 4.5%, with job changers seeing a 6.6% increase.
• The report precedes the Bureau of Labor Statistics' nonfarm payrolls data, with expectations for a 59,000 job gain.
• The unemployment rate is expected to remain at 4.4%.