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Wednesday, May 03, 2023

ADP: Private Employment Increased 296,000 in April

by Calculated Risk on 5/03/2023 08:21:00 AM

From ADP: ADP National Employment Report: Private Sector Employment Increased by 296,000 Jobs in April; Annual Pay was Up 6.7%

Private sector employment increased by 296,000 jobs in April and annual pay was up 6.7 percent year-over-year, according to the April ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).
“The slowdown in pay growth gives the clearest signal of what's going on in the labor market right now,” said Nela Richardson, chief economist, ADP. “Employers are hiring aggressively while holding pay gains in check as workers come off the sidelines. Our data also shows fewer people are switching jobs.”
emphasis added
This was way above the consensus forecast of 135,000. The BLS report will be released Friday, and the consensus is for 178 thousand non-farm payroll jobs added in April.