Adp: US ADP National Employment Report: Private sector adds 145,000 jobs in March, IT job cuts spreading to other sectors – Times of India

Service-providing: 75,000The US companies added less jobs in March than forecast while wage growth slowed, underscoring labor demand that’s showing some signs of cooling. Private sector employment increased by 145,000 jobs in March and annual pay was up 6.9 percent year-over-year, according to the March ADP National Employment Report produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”). Hiring increased the most in leisure and hospitality sectors; followed by trade, transportation and utilities; and construction. Companies in manufacturing, financial activities and professional and business services reportedly cut payrolls.
The jobs report and pay insights use ADP’s anonymized and aggregated payroll data of over 25 million US employees to provide a representative picture of the labour market. The report details the current month’s total private employment change, and weekly job data from the previous month. ADP’s pay measure captures the earnings of a cohort of almost 10 million employees over a 12-month period.
Technology job cuts spreading
The job cuts that initially started at big technology companies have now started to spread to other sectors. The South was the only region to cut jobs, and some medium-sized businesses did as well. The recent turmoil in the banking sector is likely to impact hiring if tighter credit conditions lead businesses to halt expansion plan.
“Our March payroll data is one of several signals that the economy is slowing,” said Nela Richardson, chief economist, ADP. “Employers are pulling back from a year of strong hiring and pay growth, after a three-month plateau, is inching down.”

March 2023 Report Highlights
* Private employers added 145,000 jobs in March
* The job market is beginning to find its balance as consumer demand ebbs and the cost of borrowing goes up.