US companies added more workers than expected in March, boosting confidence that the labor market’s strength will keep economic growth humming. Private payrolls increased 263,000 last month vs. February, according to yesterday’s ADP Employment Report. The rise marks the fifth monthly advance above 200,000. That’s a strong pace and it hints at the possibility that the macro trend may be stronger than sluggish first-quarter GDP growth projections of late suggest. But looking at employment numbers through the filter of the more-reliable year-over-year change still leaves room for a cautious interpretation of the numbers.
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