ADP released the latest employment report on Wednesday showing that the private sector employment increased substantially by 209,000, promoted by U.S. service industry and small companies. At the same time, ADP also increased the February private sector employment from the previous 21.6 million to 23 million.
From the perspective of investors, the monthly private sector employment data released by ADP is an important benchmark for the non-farm payrolls released by the U.S. Department of Labor. The U.S. Department of Labor nonfarm payrolls will be announced on the first Friday of the next month, including the changes in the private sector and government sector employment.
According to the survey by MarketWatch, economists projected the March U.S. nonfarm payrolls would grow by 200,000, slower than the increasing amount of 22.7 million in February. On the other hand, economists projected the unemployment rate would decline from the previous 8.3% to 8.2% in March.