US ADP private sector employment increased by 145k jobs in March, well below expectation of 200k. By industry sector, goods-producing jobs increased 70k while service-providing jobs increased 75k. By establishment size, small company jobs rose 101k, medium companies rose 33k, and large companies rose 10k.
“Our March payroll data is one of several signals that the economy is slowing,” said Nela Richardson, chief economist, ADP. “Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down.”