ADP private sector job gain pretty good

ADP said that in March 155k private sector jobs were added to payrolls, 35k more than expected and follows a print of just 84k in the month before (revised up by 7k). Small business picked up their hiring, particularly those with less than 20 employees, adding 52k people, compared to 43k for medium sized companies and 59k for the large ones (those with 500+ employees).

The service sector contributed 132k of the jobs with most coming from professional/business services (57k) and financial services (38k). Leisure/hospitality hired a net 17k, education/health added 12k and ‘information’ was a plus 3k. Trade/transportation/utilities shed 6k.

On the goods side, manufacturing hired 21k jobs which is in direct contrast to the soft data ISM employment component seen yesterday which fell further below 50 at 44.7 and where just 1 of 18 industries surveyed saw an increase in payrolls. Construction added 6k while ‘natural resources/mining’ lost 3k. That sector happened to be the one, primary metals, that ISM said added jobs.