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Financial News: U.S. Private Sector Job Growth Exceeds Estimates In

U.S. Private Sector Job Growth Exceeds Estimates In April

05/02/2018 - 09:06:00 (RTTNews)

(RTTNews) - A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. increased by slightly more than anticipated in the month of April.

ADP said private sector employment surged up by 204,000 jobs in April after spiking by a revised 228,000 jobs in March.

Economists had expected private sector employment to shoot up by about 200,000 jobs compared to the jump of 241,000 jobs originally reported for the previous month.

"Despite rising trade tensions, more volatile financial markets, and poor weather, businesses are adding a robust more than 200,000 jobs per month," said Mark Zandi, chief economist of Moody's Analytics.

He added, "At this pace, unemployment will soon be in the threes, which is rarified and risky territory, as the economy threatens to overheat."

The report said employment in the service-providing sector climbed by 160,000 jobs, while employment in the goods-producing sector rose by 44,000 jobs.

ADP said employment at medium-sized businesses increased by 88,000 jobs during the month. Employment at small and large businesses also climbed by 62,000 jobs and 54,000 jobs, respectively.

Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, predicted it will become increasingly difficult for employers to find skilled talent as the labor pool tightens

"Job gains in the high-skilled professional and business services industry accounted for more than half of all jobs added this month," Yildirmaz said.

She added, "The construction industry, which also relies on skilled labor, continued its six month trend of steady job gains as well."

On Friday, the Labor Department is scheduled to release its closely watched monthly employment report, which includes both public and private sector jobs.

Employment is expected to increase by 198,000 jobs in April after rising by 103,000 jobs in March. The unemployment rate is expected to dip to 4.0 percent from 4.1 percent.

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