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Financial News: U.S. Private Sector Job Growth Slows More Than

U.S. Private Sector Job Growth Slows More Than Expected In April

05/04/2022 - 09:08:00 (RTTNews)

(RTTNews) - A report released by payroll processor ADP on Wednesday showed U.S. private sector job growth slowed by more than expected in the month of April.

ADP said private sector employment increased by 247,000 jobs in April after jumping by an upwardly revised 479,000 jobs in March.

Economists had expected private sector employment to surge by 395,000 jobs compared to the addition of 455,000 jobs originally reported for the previous month.

"In April, the labor market recovery showed signs of slowing as the economy approaches full employment," said Nela Richardson, chief economist, ADP. "While hiring demand remains strong, labor supply shortages caused job gains to soften for both goods producers and services providers."

She added, "As the labor market tightens, small companies, with fewer than 50 employees, struggle with competition for wages amid increased costs."

The report showed employment in the service-providing sector jumped by 202,000 jobs, with employment in the leisure and hospitality industry climbing by 77,000 jobs.

Employment in the goods-producing sector rose by 46,000 jobs in the month of April amid modest increases in manufacturing and construction jobs.

ADP said employment at large businesses shot up by 321,000 jobs, but the surge was partly offset by the loss of 120,000 jobs at small businesses.

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

Economists currently expect the report to show employment jumped by 394,000 jobs in April after surging by 431,000 jobs in March. The unemployment rate is expected to edge down to 3.5 percent from 3.6 percent.

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