- Three-time NBA champion Green retires
- MLB Twins up for sale after 40 years
- S.Sudan floods affect 893,000, over 241,000 displaced: UN
- Solar storm could impact US hurricane recovery efforts: agency
- Windies sweat on injury to 'crucial' Taylor at World Cup
- Lebanon says 11 dead, 48 injured in Israeli strikes on Beirut
- Panama lashes out at EU over tax haven 'outrage'
- Erdogan says Gaza 'shame of humanity', calls for permanent ceasfire
- TD Bank to pay more than $3 bn to US in money-laundering case
- SAfrica prosecutors drop criminal complaint against president
- 'Good opportunity': Nagelsmann upbeat despite Germany's long injury list
- Hurricane whips up bitter US election battle
- Cameroon bans media talk of president's health amid rumours
- NFL MVP Jackson and rookie phenom Daniels set for showdown
- Chad's capital under threat as floodwaters rise
- Lebanon state media says Israeli strikes hit central Beirut
- No answers on strike on reporters in Lebanon one year on: watchdog
- Ramharack picks four wickets as Windies beat Bangladesh in Women's T20 World Cup
- France's City of Light switches to climate-resilient power cables
- Djokovic hails Nadal 'legacy' as Alcaraz in 'shock' over retirement
- Obama hits campaign trail for Harris
- Delta eyes Election Day travel pullback as profits climb
- Djokovic tells Nadal: 'Your legacy will live forever'
- Ethel Kennedy, wife of RFK, dead at 96
- Zelensky denies ceasefire with Russia under discussion on trip
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- After long fight for glory, Nadal leaves with a legacy of memories
- Home hopes Zheng and Wang through to last-eight in Wuhan Open
- UN peacekeepers say Israel fired on Lebanon HQ, injuring 2
- UK's William and Kate in first joint public engagement since cancer treatment
- Alcaraz out as top players pay tribute to Nadal at Shanghai Masters
- Racing's Farrell 'not thinking' about British and Irish Lions
- Alcaraz, Sinner pay tribute to 'unbelievable' Nadal at Shanghai Masters
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- After K-pop, K-novels? South Korean Nobel win sparks joy, hope at home
- After Nadal exit, Djokovic left to rage against dying of the light
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Triple centurion Brook happy to break Dad's club record
- Zelensky touts 'victory plan' against Russia in Macron talks
- Musk finally unveiling his long-promised robotaxi
- UN peacekeepers accuses Israel of firing on Lebanon HQ
- London's Frieze art fair goes potty for ceramics
- Southgate taking year out from coaching
- US, Europe stocks fall on US inflation data
- Zelensky meets Macron in Paris as part of European tour
- Hurricane Milton shreds Florida stadium roof
- UN probe accuses Israel of seeking to 'destroy' Gaza healthcare
- US consumer inflation eases to 2.4% in September
- England in sight of victory after Brook's triple hundred
- Juventus readmitted to ECA after failed Super League revolt
RBGPF | 4.03% | 63.35 | $ | |
RYCEF | 0% | 6.9 | $ | |
CMSC | 0.15% | 24.557 | $ | |
BCC | -2.88% | 138.41 | $ | |
SCS | -3.7% | 12.565 | $ | |
BTI | -0.97% | 35.14 | $ | |
AZN | -0.99% | 76.745 | $ | |
NGG | 0.14% | 65.72 | $ | |
RIO | 0.53% | 66.705 | $ | |
GSK | -2.85% | 39.125 | $ | |
RELX | -0.77% | 46.355 | $ | |
JRI | -0.1% | 13.207 | $ | |
VOD | -0.31% | 9.7 | $ | |
BCE | -1.71% | 32.75 | $ | |
BP | 0.9% | 32.27 | $ | |
CMSD | 0.27% | 24.746 | $ |
US private sector hiring picks up again in March
US private sector hiring came in well above expectations last month, payroll firm ADP said Wednesday, with construction, financial services and manufacturing all contributing to the increase.
Private sector employment rose by 184,000 in March, ADP said in a statement. This was sharply above market predictions of 150,000 new jobs, according to Briefing.com.
ADP also revised up the February jobs data, from 140,000 to 155,000.
The hot jobs data will be well-received by the Biden administration as it seeks to talk up the president's economic record ahead of November's presidential election.
But it also signals to the Federal Reserve -- which is locked in a years-long battle against high inflation -- that the labor market remains in a good place, reducing the likelihood of an early start to interest rate cuts.
"March was surprising not just for the pay gains, but the sectors that recorded them," ADP chief economist Nela Richardson said in a statement.
"The three biggest increases for job-changers were in construction, financial services, and manufacturing," she added.
The construction sector created 33,000 new jobs, buoyed by recent industrial policies like the 2022 Inflation Reduction Act, while the financial services sector added 17,000 new positions, and manufacturing was responsible for 1,000 jobs.
Other sectors that created large numbers of new positions included the leisure and hospitality sector, the trade, transportation and utilities.
ADP's data showed that pay was up 5.1 percent year-over-year for those who remained in their jobs, and by 10.0 percent for those who switched.
"Inflation has been cooling, but our data shows pay is heating up in both goods and services," Richardson said.
ADP's figures come two days ahead of US government data on US hiring, which will help to paint a clearer picture of the health of the overall labor market.
"Our base case remains that the labor market is likely to loosen on the effects of restrictive monetary policy," High Frequency Economics chief US economist Rubeela Farooqi wrote in a note to clients after the ADP data were published.
"But we expect job growth to remain positive and expect the unemployment rate to remain low, as monetary conditions become less tight on Fed rate cuts this year," she added.
H.E.Young--AMWN