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Private Nonfarm Payroll Employment for March?

Summary:
ADP released their estimates for March today: up 517 thousand. Bloomberg consensus is for +575 thousand. Figure 1: Month-on-month growth rate (not annualized, in log terms) in private nonfarm payroll employment from BLS October release (black), Bloomberg consensus for March as of 3/31 (teal square), ADP March release (red). Source: BLS, ADP via FRED, Bloomberg, and author’s calculations.

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ADP released their estimates for March today: up 517 thousand. Bloomberg consensus is for +575 thousand.

Figure 1: Month-on-month growth rate (not annualized, in log terms) in private nonfarm payroll employment from BLS October release (black), Bloomberg consensus for March as of 3/31 (teal square), ADP March release (red). Source: BLS, ADP via FRED, Bloomberg, and author’s calculations.

Menzie Chinn
He is Professor of Public Affairs and Economics at the University of Wisconsin, Madison

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