US ADP Employment Surges, With Services Adding 437K New Jobs
Skerdian Meta•Wednesday, March 31, 2021•1 min read
US employment used to be very strong in H2 of last year, after the massive decline in jobs during the lock-downs last year and the surge in the unemployment rate, which increased to 20% unofficially. In december we saw a dive though, as ADP employment figures declined by 123K.
But in the first two months of 2021 we have seen a 175K jump respectively and today’s report showed a massive increase of 517K, most of which came form services which is another positive sign, considering that manufacturing has been holding up employment and the economy since May last year. Now services are coming back too.
ADP Employment Report for March 2021
- March 2021 came in at 517K vs 550K estimated
- February ADP employment revised up to 176K vs 117k previously reported
- Small businesses added 174K new jobs
- Medium businesses added 188K new jobs
- Large businesses added 155K new jobs
- Goods producing +80 K new jobs
- Services added +437K new jobs
- Construction, +32K vs. -6K last
- Manufacturing 49K vs -7K last
- Natural resources -1K vs 3K last
- Trade transportation, 92 vs 61K last
- Information -7K vs. -3K last
- Financial activity 9K vs 2K last
- Professional and businesses services 83K vs. 33K last
- Education and health 68K vs 39K last
- Leisure and hospitality 169K vs 51K last
- Other 22K vss 4K last
The US employment data will be released on Friday from the Bureau of Labor Statistics with the average estimate somewhere around 650K. The unemployment rates is expected to dip to around 6% from 6.2% last month.
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Skerdian Meta
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Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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