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The number is fine.
209K basically right in line with expectations.
February was revised higher from 216K to 230K.
Nothing too special, not too hot or too cold.
From the report:
Employment in the U.S. nonfarm private business sector increased by 209,000 from February to March on a seasonally adjusted basis. Estimated gains for previous months were revised higher; the gain from December to January was revised up by 9,000 to 182,000, and the gain from January to February was revised up by 14,000 to 230,000.
Employment in the private, service-providing sector increased 164,000 in March, after rising a revised 183,000 in February. Employment in the private, goods-producing sector rose 45,000 in March. Manufacturing employment added 23,000 jobs.
Employment on large payrolls—those with 500 or more workers—increased 22,000, and employment on medium payrolls—those with 50 to 499 workers—rose 87,000 in March. Employment on small payrolls—those with up to 49 workers—rose 100,000 that same period. Of the 87,000 jobs created by medium-sized businesses, 21,000 jobs were created by the goods- producing sector and 66,000 jobs were created by the service-providing sector.
Employment in the construction industry grew by 13,000 in March, marking the sixth consecutive monthly gain in this sector. Employment in the financial services sector increased 8,000 in February, marking the eighth consecutive monthly gain.
Here’s a more details breakdown:
And here’s the latest reminder that ADP and BLS are pretty similar.
ORIGINAL POST: The big number of the day: The ADP jobs report.
Analysts are looking for net new 206K private sector jobs, down from 216K.
This is the hottest preview ahead of Friday’s Non-Farm Payrolls report.
Generally, these numbers have been drifting lower lately.
We’ll have it here LIVE at 8:15 AM ET.
Meanwhile, here’s some commentary from Citi’s Steven Englander about hat it will mean if the ADP number comes in bad…
ADP < 185k – complete unwind of the Minutes impact on FX. Investors would see the US economy edging into the slowdown that Bernanke hinted at, and a stronger case for more stimulus. The initial impact might be for the USD to strengthen on the risk-off view, but it seems likely that the prospect of further stimulus would be positive for asset markets and that there would be some risk buying once the knee-jerk reaction was done. In the first instance JPY could move to the upside, AUD, CAD and EUR on the downside, but we think these could be reversed as FX investors re-engage with the possibility of further stimulus.
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