ADP Jobs Report April 2024: 192,000 jobs added

A job seeker attends the Veterans Employment and Resource Fair in Long Beach, California, U.S., on Tuesday, January 9, 2024. The Department of Labor is scheduled to release initial unemployment claims numbers on January 11.

Eric Thayer | Bloomberg | Getty Images

Private sector jobs rose faster than expected in April, suggesting there is still plenty of tailwind for the US labor market, according to ADP.

The payroll processing company reported Wednesday that businesses added 192,000 workers for the month, better than the Dow Jones consensus forecast of 183,000 although down slightly from the upwardly revised reading of 208,000 in March.

At the same time, a company wage gauge showed that workers' wages rose 5% from last year, a multi-year low that provided some good news versus several other signs showing that inflation is proving more resilient than many economists and policymakers expected. .

“Hiring was broad-based in April,” ADP chief economist Neela Richardson said. “Only the information sector – telecommunications, media and IT – showed weakness, recording job losses and the lowest pace of wage gains since August 2021.”

Job gains were strongest in the leisure and hospitality sector, which recorded an increase of 56,000 jobs. Other industries that showed gains included construction (35,000) and sectors covering trade, transportation and utilities as well as education and health services, both of which saw increases of 26,000.

Professional and business services contributed 22,000 to the total while financial activities added 16,000.

Companies with 500 or more workers showed the largest employment gains at 98,000.

The ADP release comes two days before the closely watched non-farm payrolls report. In recent months, ADP has been consistently lower than the Labor Department's numbers, although the numbers were fairly close in March. The department's Bureau of Labor Statistics reported this Private salaries rose by 232,000 during the month For 208,000 ADP.

See also  Data centers may push the network into a “brick wall.” These stocks benefit

Friday's report is expected to show growth of 204,000 in total nonfarm payrolls for April, down from 303,000 in March, according to Dow Jones consensus estimates.

Leave a Reply

Your email address will not be published. Required fields are marked *