The ADP report shows 209,000 jobs were created in March
Payroll processing firm ADP released its jobs report Wednesday showing an increase in jobs at U.S. businesses of 209,000 in March. That’s in line with expectations for the government’s monthly jobs report due out Friday.
The official employment report from the Labor Department is expected to show that 215,000 new jobs added in March and an unemployment rate holding at 8.3%, according to Bloomberg.
The monthly government reports have shown the economy adding more than 200,000 jobs a month for the past three months.
Despite the good news, U.S stocks suffered its worst fall in almost 2 months, shedding 124 points or almost 1%. The NASDAQ shed almost 45 points or 1.5%. News that the Fed would not be launching a quantitative easing program for now (QE3) sent stocks into a tailspin.
The Friday report of job growth and the unemployment rate will help to determine the short-term direction of the economy and the stock market.
Recent Comments