Economy likely on verge of long awaited snapback

By Andrew Wilkinson

The ADP National Employment report showed the economy generated slightly more new positions in March than the average during the prior 12 months, indicating that the economy is likely on the verge of the long awaited snapback. Private employers added 191,000 new positions in March representing a 13,000 improvement on the February reading. That reading was also revised upwards by 39,000 from a previously recorded level of 139,000. The chart below illustrates the improving fortunes for the construction sector, where March employment rose by 20,000 for its best performance since November and prior to the onset of the harsh winter weather. The split saw service providers contribute 164,000 to the headline reading as the goods sector added 28,000. Manufacturing companies boosted payrolls by 5,000. The distribution between small, medium and large-size companies was roughly equal. Professional and business positions grew by 53,000 while the trade and transport sector added 36,000 new positions. Construction payrolls rose by 20,000, according to ADP.

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