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Private Sector Added More Than 200,000 Jobs in March
Mar 31, 2011, 09:43 AM
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The U.S. private sector noted significant employment gains in March, according to the ADP National Employment Report. Nonfarm payrolls jumped by 201,000, with 102,000 of those positions created by the nation's small businesses.
While the addition marks a substantial point of encouragement for businesses and economists, the increase was slightly less than February's creation of 208,000 private sector jobs.
"Today's ADP National Employment Report confirms that U.S. private sector employment growth has averaged about 175,000 jobs over the last six months. I am encouraged that job growth in the first quarter of 2011 has shown considerable improvement compared to the last quarter of 2010," said Gary C. Butler, president and CEO of ADP.
Wednesday's report was also in line with expectations, providing a degree of calm to market volatility in other sectors such as small business confidence and private lending.
Although ADP's monthly analysis is seen as a critical barometer of the private labor market, analysts are awaiting Friday's Labor Department report to gauge the true state of the overall employment situation.