The U.S. economy created nearly 200,000 new private-sector jobs last month, a closely watched economic indicator reported on Wednesday, feeding hopes about the economic recovery and a thaw in labor markets.
The ADP National Employment report said total private payrolls jumped by 191,000 in March, but sharply revised upward February’s figure, to 178,000 from 139,000. Analysts in a consensus estimate had expected a gain of 195,000 jobs.
Small business created 72,000 total jobs, ADP said, while medium-sized firms generated 52,000. Large businesses created 67,000 new positions during the month.
The data heightened Wall Street’s expectations over Friday’s non-farm payrolls report.
“It was a nice spring rebound and we had an upward revision for February,” said Yelena Shulyatyeva, an economist with BNP Paribas in New York.
—By CNBC. Reuters contributed to this report.