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Financial News: U.S. Private Sector Job Growth Slows In April

U.S. Private Sector Job Growth Slows In April

05/03/2017 - 09:19:00 (RTTNews)

(RTTNews) - Private sector employment in the U.S. increased roughly in line with economist estimates in the month of April, according to a report released by payroll processor ADP on Wednesday.

ADP said private sector employment climbed by 177,000 jobs in April after surging up by a revised 255,000 jobs in March.

Economists had expected employment to increase by 175,000 jobs compared to the jump of 263,000 jobs originally reported for the previous month.

"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.

She added, "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."

The continued job growth in April reflected strength in the service-providing sector, which added 165,000 jobs during the month.

Employment in the goods-producing sector edged up by just 12,000 jobs, with a pullback in construction jobs limiting the growth.

"The softness in construction is continued payback from outsized growth during the mild winter," said Mark Zandi, chief economist of Moody's Analytics.

The report also said large business added 38,000 jobs in April, while employment at small and medium businesses climbed by 61,000 jobs and 78,000 jobs, respectively.

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

Employment is expected to increase by 180,000 jobs in April after rising by 98,000 jobs in March. The unemployment rate is expected to tick up to 4.6 percent from 4.5 percent.

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