(Zero Hedge)—Hiring and pay gains both held steady in March.
The ADP National Employment report printed a better than expected +62k jobs added in March (+40k exp) and modestly down from an upwardly revised 66k in February.
That is the ninth straight month of job gains.
The smallest employers drove job growth for a second month, while hiring in trade, transportation, and utilities continued to decline.
“Overall hiring is steady, but job growth continues to favor certain industries, including health care. In March, this solid performance was accompanied by a boost in pay gains for job-changers,” said Dr. Nela Richardson Chief Economist, ADP.
“In March, this solid performance was accompanied by a boost in pay gains for job-changers.”
Additionally, pay for job-stayers rose 4.5% in March Pay growth for job-stayers was unchanged for the third month. For job-changers, year-over-year pay gains accelerated to 6.6%…
Certainly no signs yet of the AI displacement as the no hire, no fire (after JOLTS and Claims) economy chugs along.
