Automatic Data Processing: Private Payrolls Rose 62,000, Claims Fell 9,000
Initial jobless claims fell by 9,000 to 202,000 for the week ending March 28, below economist forecasts of 212,000, while continuing claims rose to 1.84 million. Automatic Data Processing reported private payrolls added 62,000 jobs in March with 4.5% annual pay growth for incumbents and 6.6% for job-changers.
1. ADP Private Payrolls Rise
Automatic Data Processing data show the private sector added 62,000 jobs in March, exceeding forecasts of 40,000 and slightly trailing February’s 66,000 increase.
2. Initial Jobless Claims Fall
Initial jobless claims dropped by 9,000 to 202,000 for the week ending March 28, below economist forecasts of 212,000, while continuing claims climbed to 1.84 million.
3. Wage Growth Steady
Annual pay increases for job incumbents held at 4.5% for the third consecutive month, while job-changers saw pay rise 6.6%, signaling stable wage pressure despite a cooling labor market.
4. Implications for Monetary Policy
The mixed signals of solid job additions and lower claims may support the Federal Reserve’s wait-and-see stance, potentially keeping interest rates steady and paving the way for cuts later in the year.