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Private payrolls in the U.S. rose sharply in March with the lifting of Covid-19 restrictions indicating a recovery in the labor market.
Private payrolls increased by 455,000 jobs last month, according to data provided by ADP National Employment Report on Wednesday.
About 80% of the private jobs created last month were from medium-sized and large companies.
Sector-wise job growth
The most hiring was done by manufacturers and the leisure and hospitality sector as they added 54,000 jobs and 161,000 jobs respectively.
Professional and business services also added significant numbers to its payrolls. Healthcare, education and trade, transportation and utility sector boosted hiring as well.
The construction sector, though, slowed hiring for a third straight month.
As Covid-19 restrictions are lifted in the U.S., demand for workers has increased across the country. The labor market experienced no impact from Russia’s invasion of Ukraine.
Jobless benefits claims fell in the U.S. are at a 52 year low last week, indicating growth in the labor market.
Picture Credits: Reuters