Private sector hiring totaled 62,000 in March, better than expected, ADP says

• March ADP private payrolls rose by +62K, surpassing the +39K estimate, with February's data revised up to +66K.
• Job growth was balanced between goods (+30K) and services (+32K), but primarily driven by small businesses (+85K), while medium (-20K) and large (-4K) businesses saw declines.
• Education/Health Services accounted for a significant portion of job creation (+58K), mainly in low-paying home healthcare roles, indicating a demographic-driven shift in the labor market.

March ADP private payrolls increased by 62,000, exceeding expectations of 39,000. While the headline number was positive, the growth was largely concentrated in the education and health services sector, particularly low-paying home healthcare jobs, with declines in medium and large businesses. Fed officials are noted to be more sanguine about the job market.