Facing heat at home, GOP leaders may rescind some spending

Facing heat at home, GOP leaders may rescind some spending
Companies kept up the hiring pace in March, adding 241,000 positions as employment in construction and manufacturing surged, according to a report Wednesday from ADP and Moody's Analytics.

Economists surveyed by Reuters had been expecting the report to show that private payrolls had gained by 205,000.

This was the fifth straight month that the ADP/Moody's count showed private payrolls up by at least 200,000, though March saw a slight decline from the upwardly revised 246,000 in February. On a year-over-year basis, March 2018 nearly doubled the 122,000 total from the previous year.

"The job market is rip-roaring," Mark Zandi, Moody's Analytics' chief economist, said in a statement. "Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten."

Job gains were broad-based, spread across both business size and sector.

Service providers added 176,000 while goods-producing industries contributed 65,000. Construction and manufacturing led the latter category, adding 31,000 and 29,000 respectively.