Like The Herald Business Journal on Facebook!
The Herald of Everett, Washington
Heraldnet.com

The top local business stories in your email

Contact Us:

Josh O'Connor
Publisher
Phone: 425-339-3007
joconnor@heraldnet.com

Jody Knoblich
General Sales Manager
Phone: 425-339-3445
Fax: 425-339-3049
jknoblich@heraldnet.com

Jim Davis
Editor
Phone: 425-339-3097
jdavis@heraldnet.com

Site address:
1800 41st Street, S-300,
Everett, WA 98203

Mailing address:
P.O. Box 930
Everett, WA 98206

HBJ RSS feeds

Private-sector job growth slowed in March

SHARE: facebook Twitter icon Linkedin icon Google+ icon Email icon |  PRINTER-FRIENDLY  |  COMMENTS
By Jim Puzzanghera
Los Angeles Times
Published:
WASHINGTON -- Employment growth slowed last month as the private sector added 158,000 jobs, a sharp reduction from February and below analyst expectations, payroll processing firm ADP said Wednesday.
The March figure was well below the 237,000 private-sector jobs added in February, a number that was revised up from the initial report of 198,000.
Economists had expected ADP would show about 200,000 private-sector jobs were added in March.
The ADP report is a key private data point ahead of the government's monthly unemployment report, which is due Friday.
Analysts have been expecting the Labor Department to report that the overall economy added about 198,000 payroll jobs last month and that the unemployment rate held steady at 7.7 percent. The government reported that the economy added a stronger-than-expected 236,000 jobs in February.
"Job growth moderated in March," said Mark Zandi, chief economist at Moody's Analytics, which assists ADP with its monthly report. "The job market continues to improve, but in fits and starts."
Zandi noted that a surge in construction employment, driven by rebuilding efforts from Superstorm Sandy in October, paused last month. The construction industry added no new jobs in March, according to the ADP report, after an average gain of about 35,000 from November through February.
He said anticipation of changes from the health care reform law also could be weighing on companies.
Zandi expected construction job growth to pick up again in the coming months. He anticipated the government would report the economy added about 175,000 jobs in March and the unemployment rate would tick up to 7.8 percent.
But as large automatic federal budget cuts known as sequestration begin taking effect this month, Zandi anticipates job growth will get weaker in the next six to nine months while businesses adjust.
Monthly job creation could dip from about 175,000 to as little as 100,000 before starting to rebound again next year, he said.

MORE HBJ HEADLINES

CALENDAR

Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus