In April, the number of jobs in the US private sector increased by 192,000, which was higher than experts had predicted, according to ADP National Employment. This suggests that the job market in the United States is strong and can withstand challenges.
Although the increase was slightly less than the previous month's revised figure of 208,000, it still surpassed analysts' expectations of 183,000.
Per CNBC, this ADP report comes out two days before the highly anticipated nonfarm payrolls report. Although ADP's numbers have often been lower than those reported by the Labor Department, in March, the Bureau of Labor Statistics indicated a private payroll increase of 232,000, higher than ADP's reported 208,000.
According to estimates, the upcoming nonfarm payrolls report for April is expected to show a growth of 204,000, down from March's 303,000.
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On Wage Growth
The report revealed that annual pay gains were up by 5% from a year ago, although this marked the smallest increase since August 2021.
ADP chief economist Nela Richardson noted that hiring was broad-based in April, with job gains particularly notable in the leisure and hospitality industry, which saw an increase of 56,000.
The same can be said for the service industry after a report from VCPost in April showed an increase in wages, although not as high as ADP noted for their current findings.
However, the information sector, which includes media, telecommunications, and information technology, experienced job losses and the slowest pace of pay gains since August 2021. This could be due to changes in technological advancements, which led to automation and job restructuring in certain areas.
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