Companies added more workers than forecast to U.S. payrolls in March, signaling the job market remains robust, according to data released Wednesday from the ADP Research Institute in Roseland, New Jersey.
The ADP report shows the job market remains solid, which bodes well for consumer spending. Gains in business investment mean companies are likely to keep hiring, though employers continue to say there’s a shortage of skilled workers.
“The job market is rip-roaring. Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten,” Mark Zandi, chief economist at Moody’s Analytics Inc. in West Chester, Pennsylvania, said in a statement.