ADP: Private Sector Adds 742,000 April Jobs
(Chart courtesy ADP.)
Ahead of this morning’s initial claims report and Friday’s employment report, ADP, Roseland, N.J., said private-sector employment increased by 742,000 jobs from March to April.
The monthly ADP National Employment Report said hiring was broad-based; by company size, small businesses added 235,000 jobs between March and April; medium businesses added 230,000 jobs; and large businesses added 277,000 jobs.
By sector, goods-producing businesses added 106,000 jobs between March and April; and service-providing businesses added 636,000 jobs. Broken down further, construction businesses added 41,000 jobs; and financial businesses added 11,000 jobs.
“The labor market continues an upward trend of acceleration and growth, posting the strongest reading since September 2020,” said Nela Richardson, chief economist with ADP. “Service providers have the most to gain as the economy reopens, recovers and resumes normal actvities and are leading job growth in April.”
Richardson noted while payrolls are still more than 8 million jobs short of pre-COVID-19 levels, “job gains have totaled 1.3 million in the last two months after adding only about 1 million jobs over the course of the previous five months.”
The Labor Department will release its weekly Initial Claims report this morning at 8:30 a.m. ET; on Friday, the Bureau of Labor Statistics will release its monthly Employment Report, also at 8:30 a.m. ET. Mike Fratantoni, Chief Economist with the Mortgage Bankers Association, will provide commentary and analysis on the Friday employment report for the Monday, June 7 edition of MBA NewsLink.