U.S. Private-Sector Employment Up
Payroll service company ADP said private sector employment in the U.S. increased by 119,000 jobs in April. That increase is a significant drop from the revised estimate of 201,000 jobs that were added the month before.
Joel Prakken, chairman of Macroeconomic Advisers, LLC, which provides economic forecasts and analysis, said April’s increase was the 27th consecutive monthly advance, but it reflects a deceleration in the recent pace of hiring. He said April’s numbers are consistent with other incoming data, including "a disappointingly weak report on first-quarter gross domestic product, a recent backup in initial unemployment claims, and last month's relatively weak reading on employment."
He said the warm winter months spurred unusual growth, with a “payback” it’s due coming now.
ADP said small and medium-sized businesses saw the biggest gains of 58,000 and 57,000 jobs, respectively. Large businesses increased their workforces by 4,000. The goods-providing sector lost 4,000 jobs while manufacturing lost 5,000, its first decrease since September 2011. Construction saw its first loss in seven months after gains during the unseasonably warmer winter, cutting 5,000 jobs. The service sector gained 123,000 jobs and financial services added 13,000.
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