US ADP report shows only -27k job loss in the private sector in March, well better than expectation of -150k. By company size, small businesses lost -90k, medium businesses grew 7k, large businesses grew 56k. By sector, good-producing jobs dropped -9k while service-providing jobs dropped -18k.
“It is important to note that the ADP National Employment Report is based on the total number of payroll records for employees who were active on a company’s payroll through the 12th of the month. This is the same time period the Bureau of Labor and Statistics uses for their survey,” said Ahu Yildirmaz, co-head of the ADP Research Institute. “As such, the March NER does not fully reflect the most recent impact of COVID-19 on the employment situation, including unemployment claims reported on March 26, 2020.”
