written by: Johnathan Schweitzer
The U.S. economy added only 156,000 private sector jobs in April, according to private payroll processor ADP, missing the 196,000 consensus forecast from economists at briefing.com.
In March the U.S. economy added a revised 194,000 private sector jobs.
According to today’s April ADP report, service- providing employment rose by 166,000 in April, down from 189,000 in March.
Manufacturing lost 13,000 after being revised lower -3,000 the previous month.
Trade/transportation/utilities grew by 25,000 in April which is considerably below the 42,000 in March while financial activities only added 4,000.
“The job market appears to have stumbled in April. Job growth noticeably slowed, with some weakness across most sectors” said Mark Zandi, chief economist of Moody’s Analytics.
“One month does not make a trend, but this bears close watching as the financial market turmoil earlier in the year may have done some damage to business hiring” Zandi added.
Today’s April ADP private sector jobs report is a precursor to Friday’s April non-farm payroll report from the Bureau of Labor Statistics that is expected to see an job increase of 207,000 jobs, according to a revised consensus forecast from briefing.com while the unemployment rate is expected to hold steady at 5 percent.
written by: Johnathan Schweitzer firstname.lastname@example.org