According to the ADP National Employment report, private sector employment increased by 263K in March. This is the largest monthly addition to the workforce the nation has seen since December 2014.
This increase exceeded economists’ expectations by nearly 100K jobs and it’s a notable boost over the seasonally adjusted 245K reported in February.
The U.S. Department of Labor’s non-farm payroll report is due tomorrow. Experts weighing in expect gains for March around 175k – 180k new jobs.
With Q1 in the books, job growth in 2017 is off to a strong start. Many attribute the strength of the labor market on the pro-business nationalist ideals set forth by the Trump Administration. Should the labor market continue to tighten, it will likely trigger wage inflation, which further strengthens the case for the Federal Reserve to boost interest rates throughout the year.
While March’s job growth was strong, the unemployment rate is expected to hold at 4.7%.
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