US Companies Added Most Jobs Since September Last Month
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As vaccine distribution and administration ramp up and businesses reopen, ADP Research Institute revealed another positive sign of economic recovery: Private companies in the U.S. have added the most jobs to their payrolls since September, Bloomberg reports.
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After February job increases totaled 176,000, new jobs increased by 517,000 in March, a press release from payroll and human resource management company ADP Inc. stated. The ADP National Employment Report for the private sector is distributed monthly in collaboration with Moody’s Analytics.
According to the report, medium-sized businesses showed the most growth, adding 188,000 jobs last month. Small businesses added 174,000, with businesses of fewer than 19 employees adding 100,000 of those jobs.
Finally, businesses with 500 to 999 employees added 49,000 workers, while private companies of 1000+ added 105,000.
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Industries Showing the Most Growth This Spring
Not surprisingly as restaurants and hospitality venues begin to reopen, the leisure and hospitality industry saw the highest gains, bringing on 169,000 new employees in March. Trade, transportation and utility companies saw growth of 92,000 workers, while professional business services hired 83,000 new workers, according to the report.
The leisure and hospitality industry has the “most opportunity to improve as the economy continues to gradually reopen and the vaccine is made more widely available,” ADP’s chief economist Nela Richardson said in the press release.
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ADP Data and Jobless Claims Reports
The ADP data is supported by other indicators of economic recovery, including the Department of Labor Bureau of Statistics’ weekly jobless claims report. The week ending March 20 showed a decrease of 97,000 new claims. Jobless claims for that week totaled 684,000, the lowest it’s been since March 14, 2020. The week before the U.S. largely shut down for the pandemic, jobless claims stood at just 282,000.
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