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U.S. private sector expanded payrolls with 129,000 jobs in March, according to the ADP Research Institute’s monthly report. This marks ADP’s lowest reading since September 2017.
"March posted the slowest employment increase in 18 months," ADP Research Institute Vice President Ahu Yildirmaz said in a press release. "Although some service sectors showed continued strength, we saw weakness in the goods producing sector."
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The sum was bolstered by gains in natural resources and mining; information services; trade, transportation and utilities; professional and business services; education and health services; and leisure and hospitality. The additions were offset by losses in construction (6,000), manufacturing (2,000) and financial services (1,000).
Altogether, the trends portend a slowdown in sector expansion.
"The job market is weakening, with employment gains slowing significantly across most industries and company sizes,” Moody’s Analytics chief economist Mark Zandi said in a press release. “Businesses are hiring cautiously as the economy is struggling with fading fiscal stimulus, the trade uncertainty, and the lagged impact of Fed tightening. If employment growth weakens much further, unemployment will begin to rise."
The Bureau of Labor Statistics will release its March findings April 5.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.