Private Payrolls Increased 145K Lower Than Expectations and Pay Up 6.9% Per ADP

Bridge Near Marquette MI.

The economy is doing something interesting and added fewer jobs than expected. Mining, leisure, construction and trade were up while manufacturing, financial and professional services were down. Not sure what it all means but I would say pay outstripping inflation is good. However, it should rise faster than that if we are going to make headway on income disparity. 

Likewise, I think the basics for infrastructure and future manufacturing are improving. I wonder if at some point we find manufacturing increase toward the end of the year.  Sometimes it takes time to see what happens throughout the supply chain. 

You may be interested in reading ADP's March, 2023 Press Release on Jobs and Pay

Pay is up 6.9% Inflation 6.4%

Biggest Winners: 

-Mining Up

-Leisure

-Construction

-Trade

Biggest Losers:

-Financial Services

-Professional Services

-Manufacture

-Midwest Gains 132K the South lost 228K.