Private sector employment increased by only 145,000 jobs in March, according to the ADP’s National Employment Report for March.
And while annual pay was up 6.9 percent year-over-year, the economy appears to be slowing, according to ADP Chief Economist Nela Richardson.
“Our March payroll data is one of several signals that the economy is slowing,” she said. “Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down.”
The jobs report and pay insights use ADP’s aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market. The report details the current month’s total private employment change, and weekly job data from the previous month. ADP’s pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period.
The report is produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab.