ADP: U.S. adds 158K private-sector jobs in March
WASHINGTON (MarketWatch) — Private-sector employment growth slowed down in March, as the economy gained 158,000 jobs, Automatic Data Processing Inc. (NASDAQ:ADP) reported Wednesday morning. Economists polled by MarketWatch had expected the report to show that the U.S. economy gained 215,000 private-payroll jobs in March, up from an original estimate of 198,000 in February. On Wednesday, ADP revised private-payroll gains in February to 237,000. Markets look to ADP’s report on private-sector payrolls to provide some guidance on the U.S. Department of Labor’s jobs estimate, which will be released Friday and includes information on both private- and public-sector payrolls. Economists polled by MarketWatch expect the government to report Friday that nonfarm-payroll employment rose 195,000 in March, down from a gain of 236,000 in February. Economists also expect that the unemployment rate remained at 7.7%. While recent employment data have shown gains, the labor market remains far below its peak, as there are more than three million fewer jobs in the U.S. than when the recession began. Looking forward, economists say the large federal spending cuts could curb growth in coming months.