Following is the text from the March private payrolls report from ADP Employer Services.
Private-sector employment increased by 201,000 from February to March on a seasonally adjusted basis, according to the latest ADP National Employment Report released today. The estimated change of employment from January 2011 to February 2011 was revised down to 208,000 from the previously reported increase of 217,000.
This month’s ADP National Employment Report removes any remaining doubt that private nonfarm payroll employment accelerated heading into 2011. The increase of 201,000 is in line with the consensus expectation both for today’s report and for Friday’s jobs report from the Bureau of Labor Statistics.
The average monthly increase in employment over the last four months - December through March - has been 211,000, consistent with a gradual if uneven decline in the unemployment rate. This is almost three times the average monthly gain of 74,000 over the preceding four months of August through November.
According to the ADP Report, employment in the service-providing sector rose by 164,000 in March, marking fifteen consecutive months of employment gains. Employment in the goods-producing sector rose 37,000, the fifth consecutive monthly gain. Manufacturing employment rose 37,000, the sixth consecutive monthly gain.
Employment among large businesses, defined as those with 500 or more workers, increased by 17,000 while employment among medium-size businesses, defined as those with between 50 and 499 workers, increased by 82,000. Employment for small businesses, defined as those with fewer than 50 workers, rose 102,000 in March.
In March, construction employment dropped 5,000. The total decline in construction employment since its peak in January 2007 is 2,126,000. Employment in the financial services sector increased 4,000 in March. For information on the construction sector and use of the ADP Report, please visit the methodology section of the ADP National Employment Report website at http://ADPemploymentreport.com/methodology.aspx.
SOURCE: ADP/ Macroeconomic Advisers http://www.adpemploymentreport.com
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