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U.S. private employers add 192,000 jobs in April - ADP

Published 01/05/2024, 10:28 pm
© Reuters

Investing.com -- The U.S. private sector added far more jobs than expected in April, pointing to continued strength in the labor market that will likely impact how Federal Reserve policymakers approach potential interest rate cuts this year.

Private sector employment increased by 192,000 jobs last month, according to data from payrolls processor ADP (NASDAQ:ADP). Economists had forecast jobs growth of 179,000. March's job gains were revised up to 208,000 from 184,000.

The average pace of hiring has accelerated over the last three months after slowing late last year, almost matching gains made in the first half of 2023. Pay growth continues to slow, the report said

“Hiring was broad-based in April,” said Nela Richardson, chief economist, ADP. “Only the information sector – telecommunications, media, and information technology – showed weakness, posting job losses and the smallest pace of pay gains since August 2021.”

The ADP numbers serve as a precursor to the all-important non-farm payrolls report due out on Friday, which will offer further insight into the health of the labor market.

Friday's official data is expected to show that the U.S. economy added 243,000 jobs in April, moderating from gains of 303,000 in the prior month. The unemployment rate is forecast to remain unchanged at 3.8%.

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