After February job increases totaled 176,000, new jobs increased by 517,000 in March, a press release from payroll and human resource management company ADP Inc. stated. The ADP National Employment Report for the private sector is distributed monthly in collaboration with Moody’s Analytics.
According to the report, medium-sized businesses showed the most growth, adding 188,000 jobs last month. Small businesses added 174,000, with businesses of fewer than 19 employees adding 100,000 of those jobs.
Finally, businesses with 500 to 999 employees added 49,000 workers, while private companies of 1000+ added 105,000.
Gallery: By the Numbers: The COVID-19 Economy 1 Year Later (GOBankingRates)
GDP Percent Change: -3.50%
Projected Real GDP Growth Rate for 2021: 3.70%
April 2020 Unemployment Rate: 14.80%
2020 Annual US Unemployment Rate: 8.10%
January 2021 Unemployment Rate: 6.30%
Decrease in Annual Personal Consumption Expenditures: -2.74%
Annual Rate of Personal Consumption Expenditure Estimated in January 2021: $14.8 Trillion
Drop in Total Retail and Food Service Sales: -19.9%
Total Retail and Food Services in the US as of January 2021: $568 Billion
US Federal Debt as of Q3, 2020: $27 Trillion
Change in Federal Debt Between Q3 of 2019 and 2020: 19%
Percentage of the Nation’s GDP That Is Federal Debt Held By the Public: 102%
Projected Federal Budget Deficit in 2021: $2.3 Trillion
Industries Showing the Most Growth This Spring
Not surprisingly as restaurants and hospitality venues begin to reopen, the leisure and hospitality industry saw the highest gains, bringing on 169,000 new employees in March. Trade, transportation and utility companies saw growth of 92,000 workers, while professional business services hired 83,000 new workers, according to the report.
The leisure and hospitality industry has the “most opportunity to improve as the economy continues to gradually reopen and the vaccine is made more widely available,” ADP’s chief economist Nela Richardson said in the press release.
The ADP data is supported by other indicators of economic recovery, including the Department of Labor Bureau of Statistics’ weekly jobless claims report. The week ending March 20 showed a decrease of 97,000 new claims. Jobless claims for that week totaled 684,000, the lowest it’s been since March 14, 2020. The week before the U.S. largely shut down for the pandemic, jobless claims stood at just 282,000.
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