In showing this trend, the ADP report has generally been more positive than the government BLS report. However, the February number was similar. It will be seen on Friday whether the two numbers show a similar growth rate in March.
Payrolls must grow about 150,000 per month just to absorb new entrants to the labor market. Therefore, though recent payroll growth has been an improvement from last year, it is still at a pace just barely fast enough to keep up with the labor force growth. Payroll growth of at least 300,000 jobs per month will likely be needed to significantly drive down the unemployment rate.
The increase over the month was driven by gains in service sector jobs, which rose by 164,000. However, goods producing jobs also expanded, adding 37,000 to payrolls. The entirety of this increase was due to manufacturing, which grew by a similar 37,000.
|Ch. in Payrolls ('000s)||Mar||Feb||Jan||Dec||Nov||Oct|