by Bill McBride on 5/04/2016 08:19:00 AM
Wednesday, May 04, 2016
Private sector employment increased by 156,000 jobs from March to April according to the April ADP National Employment Report®. ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.This was below the consensus forecast for 193,000 private sector jobs added in the ADP report.
Goods-producing employment dropped by 11,000 jobs in April, down from a downwardly revised 5,000 in March. The construction industry added 14,000 jobs, which was down from March’s 18,000. Meanwhile, manufacturing lost 13,000 jobs after being revised down to -3,000 the previous month.
Service-providing employment rose by 166,000 jobs in April, down from 189,000 in March.
Mark Zandi, chief economist of Moody’s Analytics, said, “The job market appears to have stumbled in April. Job growth noticeably slowed, with some weakness across most sectors. 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.”
The BLS report for April will be released Friday, and the consensus is for 200,000 non-farm payroll jobs added in April.
Posted by Bill McBride on 5/04/2016 08:19:00 AM