ADP private payrolls crush expectations

US private payrolls rose by 263,000 in March, many more than expected, according to ADP Research Institute.

Economists had forecast that payrolls rose by 185,000. The prior month’s data was revised down from a massive gain of 298,000 to 245,000.

The manufacturing sector saw another strong month of hiring with an addition of 30,000 jobs.

“The gains are broad based but most notable in the goods producing side of the economy including construction, manufacturing and mining,” said Mark Zandi, the chief economist of Moody’s Analytics, in the release.

Of all the sub-sectors, only the information technology sector lost jobs on net. The professional and business services sector gained the most jobs.

ADP’s data came ahead of the Bureau of Labour Statistics’ jobs report on Friday, which is forecast to show that the US economy added 175,000 nonfarm payrolls last month.

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