U.S. Private-Sector Hiring Picked Back up in April, ADP Says
03 May 2023 - 11:00PM
Dow Jones News
By Will Feuer
Hiring among U.S. private-sector employers picked up steam again
in April, according to data from the ADP National Employment Report
released Wednesday.
Employment in the nonfarm private sector rose by 296,000 last
month, compared with a gain of 142,000 in March, ADP said.
Economists polled by The Wall Street Journal expected private
employment to rise by 133,000.
March's reading was revised down from an initial estimate of
145,000 to 142,000.
Annual wage growth slowed slightly in April to 6.7% from 6.9% in
March, according to the survey. Pay data is based on the salaries
of almost 10 million individual employees over a 12-month
period.
"The slowdown in pay growth gives the clearest signal of what's
going on in the labor market right now," ADP Chief Economist Nela
Richardson said. "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."
The ADP estimate is based on aggregated payroll data of more
than 25 million U.S. workers and is independent from U.S. Labor
Department official data. The ADP series can diverge considerably
from the Labor Department's data.
Employment gains were driven by small- and medium-sized
businesses, which added 121,000 and 122,000 jobs, respectively.
Large businesses registered a gain of 47,000 jobs in April.
By sector, services providers created 229,000 jobs, with the
leisure-and-hospitality sector adding 154,000 payrolls. But
financial activities lost 28,000 jobs and payrolls in
professional-and-business services fell by 16,000, continuing a
contraction in those sectors from March.
Goods producers added 67,000 jobs, with 53,000 new payrolls in
construction and 52,000 in natural resources and mining.
Manufacturing lost 38,000 jobs, though.
The U.S. Labor Department is scheduled to release its employment
report Friday. Economists polled by the Journal expect nonfarm
payrolls to increase by 180,000 in April, and the unemployment rate
is forecast to edge up to 3.6%.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
May 03, 2023 08:45 ET (12:45 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Automatic Data Processing (NASDAQ:ADP)
Historical Stock Chart
From Mar 2024 to Apr 2024
Automatic Data Processing (NASDAQ:ADP)
Historical Stock Chart
From Apr 2023 to Apr 2024