Private sector employment growth fell to a seven-month low in March, with the services sector accounting for most of the jump during the month. QQQ is down 0.41%.
- Total US nonfarm private employment climbed y 455,000 in March, lower than 486,000 in February and 894,000 in March 2021.
- The latest reading is the lowest increase in seven months since private employment grew by 277,000 in August last year.
- In terms of company size, medium businesses accounted for 188,000, followed by large businesses with 177,000, and small businesses with 90,000.
- Broken down by sector, service-providing recorded 377,000 additional jobs, led by leisure and hospitality with 161,000.
- Goods-producing firms recorded 79,000 more jobs during the month, with the bulk going to manufacturing with 54,000.
- ADP Chief Economist Nela Richardson noted that the labor market continues to see tight supply as an obstacle to continued growth in consumer-facing firms.