ADP jobs data and good for you if you found a new job

ADP said a net 184k private sector jobs were created in March, 34k more than estimated and follows a gain of 155k in February (revised up by 15k). Most of the jobs came from medium and large companies with just 16k coming from small ones.

Services added 142k with leisure/hospitality leading the gain, contributing 63k, followed by trade/transportation/utilities (29K), education/health (17k) and financial activities (17k). ‘Information’ added 8k. There was a loss of 8k in ‘professional/business services.’ On the goods side, 33k of the 42k gain came from construction and I’m sure a lot had to do with the manufacturing facilities being built with the help of government largesse. Manufacturing added a modest 1k jobs.

On wages, for ‘job stayers’ they grew by 5.1% y/o/y, the same pace seen last month. Wages for ‘job changers’ spiked by 10% y/o/y and a notable rise from the 7.6% y/o/y gain in February. ADP said “The three biggest increases for job-changers were in construction, financial services, and manufacturing.”