Title- Private payrolls increased by 184,000 in March, better than expected, ADP says
Link- https://www.cnbc.com/2024/04/03/private-payrolls-increased-by-184000-in-march-better-than-expected-adp-says.html
Private sector job growth surged in March, marking the fastest pace since July 2023 and highlighting the robustness of the U.S. labor market, according to ADP. Companies added 184,000 workers, surpassing the February gain of 155,000. Wages for existing workers increased by 5.1% from a year ago, with job switchers seeing a 10% gain. Job gains were broad-based, led by leisure and hospitality, construction, and trade, transportation, and utilities. The South saw the largest gains regionally, adding 91,000 workers. The strong job market, along with improving inflation, has allowed the Federal Reserve to maintain a patient stance on monetary policy.
6 comments:
I wonder what caused this? Is the economy just settling down quicker then experts predicted?
I agree with Brady on this, I would love to know more. Last semester in Labor Economics, we spent a lot of time discussing the concentrated labor market and the difficulties graduating students may face in finding employment. So, maybe this means things are looking up for those of us looking for full-time employment.
Do you think the job gains across various sectors, particularly in leisure and hospitality, construction, and trade, transportation, and utilities, signify a broad-based economic recovery?
It will be interesting to see how this impacts future jobs. If these rapidly growing industries will continue to employ more workers, or if people coming into the job market will have different skill sets than what they need, contributing to structural unemployment.
I wonder with the election coming up if this changes the job market or will we see a different reaction.
This is really interesting to read about, especially because my blog post talks about how immigration is causing workforce growth. I wonder if our two topics could be correlated
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