Against all odds, the private sector in the United States continues to generate jobs at a solid pace. In March, 155,000 new jobs were added, according to a report released Wednesday by ADP and the Stanford Digital Economy Lab. The figure exceeded market expectations, which anticipated only 120,000 new hires.

This figure is especially relevant against a backdrop of political uncertainty, trade tensions and a consumer who, according to recent surveys, continues to show signs of pessimism. So what is driving this surprising resilience in the labor market?

Job creation in March was led by the professional and financial services sectors, which contributed more than half of the new jobs. Manufacturing also showed signs of recovery, with 21,000 jobs created, despite rising input costs and tariff threats.

"The March figure was positive for the economy and for employers of all sizes, though not necessarily for all sectors," Nela Richardson, ADP's chief economist, said in a statement.

Tellingly, large companies (500+ employees) led hiring, suggesting that corporations with greater liquidity and financial muscle are betting on expanding, despite macroeconomic challenges.

The ADP report contrasts with the general mood of consumers and small business owners, who according to several polls still perceive significant risks to the economy. Rising tariffs, political volatility and rising credit costs have created an atmosphere of caution.

But according to experts, this apparent contradiction can be explained by a curious phenomenon: uncertainty is holding back both mass hiring and mass layoffs. In other words, many companies prefer to maintain and even slightly increase their workforce, while waiting for clearer signals about the economic direction.

A strong economy?

Reports such as these fuel an optimistic reading: the U.S. economy may be in better shape than the headlines indicate. Despite concerns about a slowdown or recession, hard data on employment, consumption and investment still show resilience.

The ADP report, while not a substitute for the official Labor Department report to be released this Friday, usually marks a general trend in the labor market, so it will be key to assessing the nation's economic health heading into the second quarter.

In the meantime, the question remains open:
Is the economy stronger than we think... or are we facing a calm before the storm?