Private sector employment in the US increased by 517 thousand people in March, the fastest increase since September 2020.
The national employment report for March, prepared by the ADP Research Institute in collaboration with Moody’s Analytics, has been published. Accordingly, private sector employment in the USA increased by 517 thousand people in March. Despite this increase, private sector employment, which remained below market expectations, was expected to increase by 550 thousand.
The number of employment increased 174 thousand in small-scale enterprises, 188 thousand in medium-sized enterprises and 155 thousand in large-scale enterprises. 437 thousand of the increase in employment was in the service sector and 80 thousand in the production sector.
“THE MOST POWERFUL EMPLOYMENT ACQUISITION RECORDED SINCE SEPTEMBER 2020”
According to the ADP private employment data calculated with information from approximately 460 thousand employers and 26 million employees, the change in private sector employment for February was also revised. It was determined that the private sector employment, which was announced to increase by 117 thousand people in February, increased by 176 thousand people.
ADP Research Institute Chief Economist Nela Richardson said they saw a significant improvement in labor market data in March and reported the strongest employment gains since September 2020.
Pointing out that the increase in employment in the service sector is due to the remarkable normalization of the leisure and hospitality sector, significantly outpacing its average for the last 6 months, Richardson said, as the economy continues to gradually normalize and the vaccine becomes more common, this sector has the most opportunities for development.
Richardson noted that they continue to closely monitor the sectors most affected by the epidemic, but that developments pave the way for a further increase in monthly employment rate in the coming months.