US Private Employers Added 455,000 Jobs From February To March - Payrolls Processor ADP

Faizan Hashmi Published March 30, 2022 | 09:05 PM

Private employers in the United States added 455,000 jobs from February to March, sustaining the growth of the labor market driving economic recovery from the two-year long coronavirus pandemic, private payrolls processor ADP said Wednesday

WASHINGTON (UrduPoint News / Sputnik - 30th March, 2022) Private employers in the United States added 455,000 jobs from February to March, sustaining the growth of the labor market driving economic recovery from the two-year long coronavirus pandemic, private payrolls processor ADP said Wednesday.

"Private sector employment increased by 455,000 jobs from February to March," the payrolls processor said, citing the March ADP National Employment Report.

The ADP report came ahead of the more important non-farm payrolls report due on Friday from the Labor Department which will comprise both private and public sector jobs. Economists are expecting non-farm payrolls to have grown by 490,000 for March, versus 678,000 in February.

For the ADP report, the projection had been for a growth of 450,000 in March versus February's 475,000.

While what the ADP reported was lower than the previous month's number, the March data still represented "a solid report and continues the run of jobs growth," economist Adam Button said in a post on the ForexLive platform.

The Federal Reserve said earlier this month the labor market was "extremely tight" with robust demand and subdued supply.

US job openings hovered near record highs in February as vacancies continued to outpace hires in a labor market that remained overwhelmingly in favor of workers, the government's monthly Job Openings and Labor Turnover Summary showed on Tuesday.

Joblessness among Americans reached a record high of 14.8% in April 2020, with the loss of some 20 million jobs in the aftermath of the coronavirus breakout. Jobs recovery has, however, been stellar over the past year, with the jobless rate moving down to 3.8% in February. A jobless rate of 4% or below is regarded by the Federal Reserve as maximum employment.