OAN’s Abril Elfi
6:23 PM – Wednesday, May 1, 2024
Private payrolls in the United States have increased by 192,00 in the month of April.
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According to Automatic Data Processing (ADP), private payroll growth in April was stronger than anticipated, suggesting that the U.S. labor market still has some positive factors.
Payroll processing company data showed on Wednesday that employers added 192,000 jobs in March, slightly less than the upwardly revised 208,000 jobs, but still better than the Dow Jones consensus estimate of 183,000 jobs.
In addition, the company’s wage measure revealed that employee pay had increased by 5% from the previous year, marking a multiyear low that offered some positive news in contrast to numerous other indications that inflation has proven to be more resilient than many analysts and decision-makers had anticipated.
“Hiring was broad-based in April,” ADP chief economist Nela Richardson said. “Only the information sector — telecommunications, media, and information technology — showed weakness, posting job losses and the smallest pace of pay gains since August 2021.”
With a 56,000 increase in jobs, the leisure and hospitality industries saw the biggest job gains. Construction (35,000) and trade, transportation, and utility sectors, as well as education and health services (26,000) were among the other industries exhibiting growth.
Financial activities added 16,000 to the total, while professional and business services contributed 22,000.
Employers with 500 or more employees had the largest hiring increase (98,000).
Two days before the more eagerly anticipated nonfarm payrolls report, the ADP report is released.
Although figures were fairly close in March, ADP has been consistently underestimating the Labor Department’s count in recent months. In contrast to ADP’s 208,000 payrolls, private payrolls climbed by 232,000 during the month, according to the department’s Bureau of Labor Statistics.
According to the consensus Dow Jones estimates, Friday’s report is expected to show growth of 204,000 in total nonfarm payrolls for April, down from March’s 303,000.
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