ADP employment report beats expectations in March

Private sector employment in the US unexpectedly rose in March, according to data released by ADP on Wednesday.

Employers added 263,00 jobs from February versus expectations for an increase of 187,000. Meanwhile, the February figure was revised down from 298,000 to 245,000.

Small businesses with fewer than 50 employees added 118,000 jobs, while medium businesses with between 50 and 499 employees added 100,000.

Large companies with 50 employees or more added 45,000 jobs in March.

The goods producing sector saw an increase of 82,000 jobs, while the services sector added 181,000.

Mark Zandi, chief economist at Moody’s Analytics, said: “Job growth is off to a strong start in 2017. The gains are broad based but most notable in the goods producing side of the economy including construction, manufacturing and mining.”