Private businesses hired 209,000 new workers last month, in-line with estimates, suggesting the employment situation is continuing to firm, according to payroll giant Automatic Data Processing.
Small- and mid-size companies fueled much of March’s growth, adding 89% of the new jobs. The service sector was the most improved, increasing by164,000 jobs. Producers added 45,000 workers, while manufacturing hired 23,000.
Companies have added 200,000 or more jobs in four of the past five months. February’s gain was revised up from 216,000 to 230,000.
A healing labor market has buoyed American confidence in the economic recovery during the past year. The unemployment rate has remained at 8.3% since February. Further employment leads to greater spending, which accounts for 70 percent of all economic activity.