Today’s ADP National Employment Report shows that significantly fewer jobs were added to the private sector in March than in February – in fact, private sector employment saw a slowdown of 116,000 jobs. Goods-producing jobs saw an increase of 70,000 while service-providing jobs saw an increase of only 75,000. Most other industry sectors experienced a decrease, such as financial activities and professional/business services, both of which saw a decrease of nearly 50,000. The leisure/hospitality sector was the only sector to see an increase of more than 90,000.
Private sector employment in the US experienced a decrease of 116,000 from February to March, according to the ADP National Employment Report. While goods-producing jobs increased by 70,000, service-providing jobs only saw a gain of 75,000. The leisure/hospitality sector was the biggest winner, with over 90,000 added jobs. However, most other sectors saw a decrease, such as financial activities and professional/business services, which both had a decrease of nearly 50,000. This data adds to the growing evidence that the economy is slowing down.