Huge miss on private payrolls

now hiring

(Flickr/Random Retail)

Private employers added 189,000 jobs in March, according to the latest report from ADP.

Expectations were for the report to show private employers added 225,000 jobs in March.

This biggest disappointment in the report came from large employers, who added just 19,000 jobs in March.

Small businesses added 108,000 jobs while medium-sized businesses increased employees by 62,000.

"March job gains came in under 200,000 for the first time since January of last year," said Carlos
Rodriguez, president and chief executive officer of ADP. "The decline was centered in the largest companies, those with 1000 or more employees."

Mark Zandi, chief economist of Moody’s Analytics, said, "Job growth took a step back in March. The fallout from the collapse in oil prices and surge in value of the dollar is hitting the job market. Despite the slowdown, underlying job growth remains strong enough to reduce labor market slack."

This is the first of three straight days of labor market reports that culminates in the big March Jobs Report, set for release on Friday morning.

Here's the latest chart from ADP.

Screen Shot 2015 04 01 at 8.26.36 AM

(ADP)

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