“Late-cycle” or not, the US jobs market – according to ADP – is firing on all cylinders as for the fourth month in a row, employment rose over 200k (+241k in March vs +210k exp).
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is rip-roaring. Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten.”
All sub-cohorts (except education) saw job gains…
All industries gained
As a reminder, since President Trump’s election, ADP has consistently ‘beaten’ the government’s official payrolls print – an entirely different regime from the previous administration.
“We saw impressive momentum in the first quarter of 2018 with more jobs added per month on average than in 2017,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
“Midsized businesses added nearly half of all jobs this month, the best growth this segment has seen since the fall of 2014. The manufacturing industry also performed well, with its strongest increase in more than three years.
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