The private sector added only 158,000 jobs in March, but February’s private sector job total was increased to 215,000.
The private sector added only 158,000 jobs in March, ADP recently announced — lower than the 205,000 Bloomberg News consensus estimate.
However, February’s private sector job total increase was revised higher to 215,000 jobs from the initial estimated 198,000-job gain.
Institutional investors use the private ADP employment figure as a rough gauge of the private sector’s employment status, but economists caution that the report is not strongly correlated with the more-telling U.S. Non-Farm Payroll Report, which includes both private sector and public sector jobs. That report, for March, will be released on Friday at 8:30 a.m. EDT by the U.S. Labor Department.
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Source: Joseph Lazzaro | International Business Times | April 3, 2013