Companies in the private sector added 62,000 jobs in March, payroll processing firm ADP said Wednesday.
The figure is above economists’ estimates of a gain of 40,000 jobs. The prior month's payrolls number was revised higher to a gain of 66,000 from an initially reported gain of 63,000.
"Overall hiring is steady, but job growth continues to favor certain industries, including health care," said ADP chief economist Nela Richardson. "In March, this solid performance was accompanied by a boost in pay gains for job-changers."
Education and health services added 58,000 positions, leading job creation in February. Construction added 19,000, information gained 16,000 and natural resources and mining added 11,000.
Leisure and hospitality added 7,000 jobs, while financial activities and other services each added 4,000. Professional and business services gained 1,000 positions in March.
On the negative side, trade, transportation and utilities lost 58,000 jobs. Manufacturing lost 11,000 positions in the month of March.
Large businesses – those with 500 or more employees – lost 4,000 jobs in March. Businesses with 50 to 499 employees lost 20,000 workers. Establishments with fewer than 50 employees gained 85,000 jobs.
Wage growth in March was little changed from last month. People staying in their roles saw their pay climb 4.5% from the prior year, while pay gains for those changing their jobs rose slightly to 6.6% from 6.3% in February.
Credit: Fox Business / CNBC
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