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Private Sector Jobs Surge: Health Care, Construction Lead Gains
1 Apr
Summary
- Private sector added 62,000 jobs in March, exceeding forecasts.
- Health care and construction sectors showed significant job growth.
- Small businesses were the primary drivers of new employment opportunities.
In March, the private sector demonstrated robust job creation, adding 62,000 positions, a figure that surpassed initial expectations. This growth was largely concentrated in two key industries: education and health services, which contributed 58,000 jobs, and construction, which added 30,000. The health services sector's performance was particularly noteworthy, recovering from a prior month's dip.
While larger firms saw a slight decline in employment, smaller businesses with fewer than 50 employees were the primary engine of job growth, responsible for 85,000 new positions. Wage growth remained steady for long-term employees at 4.5%, while those who changed jobs experienced a more significant increase of 6.6%.
Other sectors contributing to job gains included information services and natural resources. However, trade, transportation, utilities, and manufacturing experienced job losses. This marked a rare instance of near-balance in job creation between goods producers and service providers.
