by Bill McBride on 5/04/2011 08:15:00 AM
Wednesday, May 04, 2011
Employment in the nonfarm private business sector rose 179,000 from March to April on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The estimated change of employment from February 2011 to March 2011 was revised up to 207,000 from the previously reported increase of 201,000.Note: ADP is private nonfarm employment only (no government jobs).
April’s ADP Report estimates employment in the service-providing sector rose by 138,000, marking 16 consecutive months of employment gains. Employment in the goods-producing sector rose 41,000, the sixth consecutive monthly gain, while manufacturing employment rose 25,000, the seventh consecutive monthly gain.
In April, employment in the construction industry increased 9,000, only the second monthly increase since June 2007. Since December 2010, however, construction employment has, on balance, risen, suggesting that finally employment in this sector has bottomed out. The total decrease in construction employment since its peak in January 2007 is 2,115,000.
This was slightly below the consensus forecast of an increase of about 195,000 private sector jobs in April. Note the slight increase in construction jobs - it appears this sector has "bottomed out".
The BLS reports on Friday, and the consensus is for an increase of 185,000 payroll jobs in April, on a seasonally adjusted (SA) basis, and for the unemployment rate to hold steady at 8.8%.
Posted by Bill McBride on 5/04/2011 08:15:00 AM