Wednesday, May 03, 2017

ADP: Private Employment increased 177,000 in April

by Bill McBride on 5/03/2017 08:21:00 AM

From ADP:

Private sector employment increased by 177,000 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.
...
“In April we saw a moderate slowdown from the strong pace of hiring in the first quarter,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Despite a dip in job creation, the growth is more than strong enough to accommodate the growing population as the labor market nears full employment. Looking across company sizes, midsized businesses showed persistent growth for the past six months.”

Mark Zandi, chief economist of Moody’s Analytics said, “Job growth slowed in April due to a pullback in construction and retail jobs. The softness in construction is continued payback from outsized growth during the mild winter. Brick-and-mortar retailers cut jobs in response to withering competition from online merchants.”
This was above the consensus forecast for 170,000 private sector jobs added in the ADP report. 

The BLS report for March will be released Friday, and the consensus is for 185,000 non-farm payroll jobs added in April.