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Home News Workforce

Private Sector Employment Increased By 145,000 Jobs In March

Private sector employment increased by 145,000 jobs in March, and annual pay was up 6.9%.

Emma AscottbyEmma Ascott
April 5, 2023
in Workforce
Reading Time: 1 min read
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Private Sector Employment Increased by 145,000 Jobs in March

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What’s going on:    

In March, the private sector added an impressive 145,000 jobs, while annual pay rose 6.9% year-over-year, as noted in the March ADP National Employment Report.  

However, pay growth has slowed for those who stay in their jobs and those who switch, with pay gains for job stayers falling from 7.2% in February to 6.9%, and pay growth for job changers declining from 14.4% to 14.2%. 

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Why it matters:  

Employers are beginning to rein in their hiring and wage increases after a steady three-month plateau, indicating that the economy is starting to slow — with the March payroll data being one of many tell-tale signs. 

How it’ll impact the future:  

The job market is slowly restoring equilibrium as consumer demand decreases and borrowing costs increase. 

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Source: PR Newswire
Tags: Workforceworklife
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Emma Ascott

Emma Ascott

Emma Ascott is a contributing writer for Allwork.Space based in Phoenix, Arizona. She graduated from Walter Cronkite at Arizona State University with a bachelor’s degree in journalism and mass communication in 2021. Emma has written about a multitude of topics, such as the future of work, politics, social justice, money, tech, government meetings, breaking news and healthcare.

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