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Free AccessSignificant labor market improvement in March isn't likely to be a one-off as the U.S. vaccine rollout picks up speed and service-sector businesses reopen closer to full capacity, ADP chief economist Nela Richardson told reporters Wednesday, helping enforce the growing feeling of optimism some Fed officials shared with MNI
Private sector payrolls rose 517,000 in March, according to ADP's monthly employment report, the strongest one-month gain since September. That was mostly driven by job gains in the goods producing sector, with construction payrolls in March up 32,000, higher than all of the jobs recovered by the industry during the last four months combined, Richardson said. Jobs in leisure and hospitality were up 169,000 as air travel recovered and bars and restaurants continued to reopen.
There's still a 9 million jobs deficit, Richardson said, and 8 million of those jobs are in the service sector, but "the jobs market has awakened from it's winter slump" and the "pace and breadth of job gains is encouraging and likely to continue in the coming months."
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