US private payrolls rise above expectations in March – ADP
US private payrolls increased by 184,000 jobs in March, after expanding by 155,000 in February (upwardly revised from 140,000) and beat forecasts for 148,000 rise.
Stronger than expected hiring in the private sector in March and upward revision of previous month’s figure, signal that job growth remains solid, though the labor market is gradually cooling, impacted by high borrowing cost, with initial warning seen from Tuesday’s JOLTS report, which showed that 1.36 jobs opened per every unemployed person in February, compared to 1.43 jobs opened previous month
Market await release of the most significant and closely watched report from the US labor sector – Non-Farm Payrolls report, due on Friday, which will complete the picture of the sector in previous month.
Economists expect that non-farm payrolls have increased 205,000 in March, compared to 275,000 rise in February, unemployment to stay unchanged at 3.9% and annualized wage growth to slow to 4.1% in March from 4.3% previous month.