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ADP: Private Employment Increased 455,000 in March

From ADP:
Private sector employment increased by 455,000 jobs from February to March according to the March ADP® National Employment ReportTM. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. The report, which is derived from ADP’s actual data of those who are on a company’s payroll, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis

“Job growth was broad-based across sectors in March, contributing to the nearly 1.5 million jobs added for the first quarter in 2022,” said Nela Richardson, chief economist, ADP. “Businesses are hiring, specifically among the service providers which had the most ground to make up due to early pandemic losses. However, a tight labor supply remains an obstacle for continued growth in consumer-facing industries
emphasis added
This was slightly above the consensus forecast of 438,000 for this report.

The BLS report will be released Friday, and the consensus is for 475 thousand non-farm payroll jobs added in March. The ADP report has not been very useful in predicting the BLS report, but this suggests a solid March BLS report.

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