Shiv Telegram Media: Private sector job growth exceeds expectations in March

The U.S. job market continues to show strength as companies hired more workers than expected in March, adding 184,000 jobs to the economy. According to the latest data from ADP, wage growth also accelerated for workers who switched jobs, with an impressive 10% increase in annual pay. Workers who stayed in their current positions saw wages climb by 5.1%.

The largest pay increases were seen in sectors such as construction, financial services, and manufacturing, indicating a broad-based improvement in the job market. The leisure and hospitality industry added the most jobs, further highlighting the diverse growth across different sectors.

Despite the Federal Reserve’s aggressive tightening campaign, which has raised interest rates to the highest level since 2001, the labor market remains robust. The Fed is closely monitoring the labor market for any signs of cooling, with potential plans to cut interest rates later this year.

Looking ahead, economists are eagerly anticipating the Labor Department’s jobs report expected on Friday, which may show a gain of 200,000 workers. The unemployment rate is forecasted to hold steady at 3.9%, reflecting the overall strength of the job market in the U.S. for the month of March.