Companies in the U.S. expanded payrolls in March, showing the labor market is strengthening, according to data from a private report based on payrolls.
Employment increased by 209,000 for the month after a revised 230,000 gain in February, figures from ADP Employer Services showed today. The median estimate in the Bloomberg News survey called for a 206,000 increase.
A Macy's employee assists a customer at a Macy's store in Lenox Square, in Atlanta. Photographer: Chris Rank/Bloomberg
From left to right: Stephanie Zalbert, Patricia Carr, and Tamara White, all from NYC Business Solutions, look over resumes at the New York Career Fair in New York. Photographer: Scott Eells/Bloomberg
Faster job growth may lead to the wage gains needed to sustain consumer spending, which accounts for about 70 percent of the world’s largest economy. Businesses added 215,000 jobs in March, and the unemployment rate held at 8.3 percent, economists project a Labor Department report will show in two days.
“Labor market conditions continue to improve at a moderate pace,” Joel Prakken, chairman of Macroeconomic Advisers LLC in St. Louis, which produces the report with ADP, said in a statement. “Employment grew in all major sectors of the economy tracked.”
Estimates in the Bloomberg survey of 38 economists ranged from increases of 170,000 to 250,000.
Stock-index futures held earlier losses after the report. The contract on the Standard & Poor’s 500 contract maturing in June dropped 0.8 percent to 1,397.1 at 8:47 a.m. in New York, depressed by a drop in demand for Spanish bonds and after the Federal Reserve signaled yesterday it may refrain from additional monetary stimulus.
Over the previous six reports, ADP’s initial figure was closest to the Labor Department’s first estimate of private payrolls in October, when it overstated the gain in jobs by 6,000. The estimate was least accurate in December, when it overestimated the employment gain by...
Full article: Company Payrolls in U.S. Grow by Estimated 209,000 Workers
ADP employment report
Apr 4 2012 submitted by Susan Copper