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April ADP US Private Payrolls Rise Less Than Expected Ahead of BLS Data
ADP's monthly measure of private payrolls showed a 109,000 increase in April, below expectations compiled by Bloomberg as of 7:20 am ET for an increase of 120,000.The April gain followed a downwardly revised 61,000 increase in March.By sector, goods-producing jobs rose by 15,000, led by a 10,000 increase in construction jobs, while service-providing jobs were up 94,000, with education and health services jobs up 61,000, trade, transportation, and utilities jobs up 25,000, and leisure and hospitality jobs up 4,000.Pay growth for job-changers held steady at a 6.6% gain year-over-year, while pay growth for job-stayers decelerated slightly to 4.4% year-over-year."Small and large employers are hiring, but we're seeing softness in the middle," said Nela Richardson, chief economist at ADP. "Large companies have resources to deploy, and small ones are the most nimble, both important advantages in a complex labor environment."