Payroll processing company Automatic Data Processing (ADP) reports that jobs grew by 241,000 in March.
Against the loud expectations of a legion of naysayers, President Trump’s economic outlook continues to improve with another month of substantial growth in available employment. Foremost among these successes is the nearly quarter-million new jobs hitting the market in the last month alone.
Among them, small businesses rose by a healthy 47,000, while midsized and large business rose by 127,000 and 67,000, respectively. The goods-producing sector added 65,000 more potential workers: 5,000 to natural resources and mining, 31,000 to construction occupations, and 29,000 in manufacturing.
Meanwhile, the service-producing sector did even better. Among the 176,000 new jobs reported were substantial gains in trade, transportation, utilities, finance, health, and many more.
Altogether, the growth crushed the 205,000 job estimate for the month by nearly 15%. Moody’s Analytics’ Chief Economist Mark Zandi exulted that “monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten,” declaring, “The job market is rip-roaring.”
PNC economist Gus Faucher proclaimed “the U.S. labor market is in excellent shape in early 2018. With the economic expansion set to become the second-longest in US history, approaching nine years, the job market has fully recovered from the Great Recession.”