Private U.S. companies added a surprisingly strong 241,000 jobs in March, the fifth straight month employment gains exceeded 200,000, ADP Rersearch Institute said Wednesday. Analysts had expected 205,000 to 210,000 new jobs.
The report augurs a strong report from the Labor Department's employment report on Friday.
"We saw impressive momentum in the first quarter of 2018 with more jobs added per month on average than in 2017," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. "Midsized businesses added nearly half of all jobs this month, the best growth this segment has seen since the fall of 2014. The manufacturing industry also performed well, with its strongest increase in more than three years."
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market is rip-roaring. Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten.”