US ADP Report: Report points to strong U.S. economy and manufacturing

Today ADP employment numbers were released from the US for the month of March.

ADP number shows the US labor markets remains strong.

There are two things to note in the headline that,

• ADP report indicates underlying strength in the economy. Trump effect remains active completely as goods-producing sector adding jobs, especially manufacturing.

• February payroll saw a revision, where the headline was revised up to 246,000 (from 235,000).

Key highlights –

• Non-farm private sector employment grew at 241,000 in March, the median expectation was for 205,000.
• The small business sector added 47,000 jobs, compared to 68,000 gain last month.
• Employment in franchise declined by 100 compared to last month’s 24,700 gain.
• Mid-sized companies added 127,000 jobs compared to last month’s 97,000 jobs.
• The large sector added just 67,000 compared to last month’s 70,000 jobs.
• Manufacturing sector payroll registered 29,000 jobs gain compared to 14,000 jobs gain last month.
• 65,000 jobs were gained in the goods-producing sector, compared to last month’s 37,000 jobs gain.
• The construction sector added 31,000 jobs, compared to last month’s 21,000 jobs gain.
• Services sector employment remains high as payroll added 176,000 people in March. February gain was 198,000.

The dollar index is currently trading at 90.16, down 0.02 percent for the day so far.