Hiring by U.S. companies rose more than expected in March as the labor market remained resilient even in the face of higher interest rates, according to the ADP National Employment Report released Wednesday morning. Companies added 184,000 jobs last month, beating both the upwardly revised February gain of 155,000 and the 148,000 increase that economists surveyed by LSEG predicted. It marks the best month for job creation since July.
Wage growth also accelerated last month for workers who switched jobs, with annual pay rising 10% last month – the largest advance since July. For workers who stayed in their job, wages climbed 5.1%, unchanged from the previous month. WAGES IN THE US ARE FALLING AT A 'STRIKING' PACE, INDEED SAYS "March was surprising not just for the pay gains, but the sectors that recorded them," said ADP chief economist Nela Richardson. "Inflation has been cooling, but our data shows pay is heating up in both goods and services.