ABA Banking Journal
The non-farm private sector added 177,000 jobs in April, according to the ADP National Employment Report. March’s figure was revised down to 255,000. Service-providing jobs accounted for most of the month’s growth.
Growth was widespread in April with businesses of all sizes seeing strong increases, with strong gains for small and medium-sized businesses. Small businesses with fewer than 50 employees added 61,000 jobs, while medium-sized businesses with 50-499 employees added 78,000 jobs. Large businesses added 38,000 jobs.
“In April we saw a moderate slowdown from the strong pace of hiring in the first quarter,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Despite a dip in job creation, the growth is more than strong enough to accommodate the growing population as the labor market nears full employment. Looking across company sizes, midsized businesses showed persistent growth for the past six months.”
Service-providing employment rose by 165,000 jobs, driven by the professional and business services sector which added 72,000 jobs. Leisure and hospitality jobs, along with health care and social assistance, also increased, adding 35,000 and 22,000 jobs, respectively. Goods-producing employment increased by 12,000 jobs. The manufacturing industry led the gain, adding 11,000 jobs, while the construction industry lost 2,000 jobs.
Read the ADP report.
