By Trang Nguyen, THE TAKEAWAY:U.S. Companies Added 209Thousand Jobs in March > Labor MarketConditions Continued to Improve that Push Consumer Sentiment andConfidence Up > U.S.Dollar Strengthens Job creation in the private sector was more robust than expected in March,pointing to some firming of labor market conditions. The monthly ADP National Employment reportissued today showed that U.S. companies added 2 09 thousand jobs last month, following arevised 230 thousand increase in February and 1 82 thousand gain in January. Meanwhile, thirty-eight economists survey ed by Bloomberg News had anticipated a gain of 206 thousand . Monthly gains in employment during the firstquarter averaged 207 thousand jobs compared to 156 thousand permonth over all of 2011. Job growth was widespread in all major sectors in the economy and crosspayrolls of all sizes. Service producers generated 164 thousand jobs, after adding a revised 183 thousand in March.Factories added 23 thousand jobs last month while goods producers hired 4 5 thousa nd more employees in the month. Meanwhile,employment in the construction industry picked up 13 thousand andemployment in the financial services grew 8 thousand. Regarding to size base, small firms registeredthe biggest increase of 10 0 thousand new hires in March compared with 113 new jobs in the preceding month. Medium firms reported 87 thousand new payrolls, lower than 95 thousand added in January. Large firms created 22 thousand jobs last month, same with the number of jobs addedin the prior month. EURUSD 1-minute Chart: April 4 ,2012 Chart created using Strategy Trader- Prepared by Trang Nguyen The U.S. dollar gains ground versus most of its major counterparts exceptits Japanese trading partners ahead of the North American tradetoday. In the minutes following the stronger-than-expected ADP employment report, the dollar extends gains versus major currencies . As can be seen from 1-minute EURUSD chart above, the single currency traded 40 pips lower versusthe greenback from 1.3140 to 1.3110. Since the private employment change is considered a precursor tothe non-farm payrolls number, a favorable figure today suggests that March non-farm payrolls reading released thisFriday might beat expectations and might bring thenational unemployment rate down . Economists from Bloomberg survey projected a227 thousand nonfarm payrolls added last month and the unemploymentrate to be held at 8.3 percent. --- Written by Trang Nguyen, DailyFX Research Team for DailyFX.com To contact Trang, email email@example.com
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