According to the payroll processor, Automatic Data Processing (ADP) report, 1.84 lakh jobs were added in the private sector in the US in March 2024. This is more than the 1.48 lakh jobs that were expected to be added.
This increment has been the most significant since July of 2023. Maximum jobs were added in the leisure and hospitality segment. However, hiring saw a slump in the professional services space.
Pay gains were recorded for job changers in the construction, financial services and manufacturing space. For those who stayed on in their jobs, pay gains stood at 5.1 per cent, while pay gain for job changers reached 10 per cent.
As per the Job Openings and Labour Turnover Survey (JOLTS) report by the Labour Department there were 1.36 vacancies for every unemployed individual in February. In January, this figure stood at 1.43. That means, unemployment had gone up early this year.
Job openings help determine the demand for labour. There were 8.7 million openings at the end of February, showing a rise of 8,000.
There were 1.26 lakh additional vacancies in the finance and insurance space in February. Open positions in state and local government (without taking into account roles in education) went up by 91,000, while arts, entertainment and recreation had 51,000 more vacancies. The information space saw a drop of 85,000 jobs whereas the federal government had 21,000 less vacancies.
