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Private-Sector Hiring Sped Up Last Month, ADP Says

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Private-sector hiring accelerated in April, suggesting the U.S. labor market is exhibiting increased stability. This trend offers a positive signal following recent fluctuations.
  • The U.S. private sector added 242,000 jobs in April, a notable increase from the revised 207,000 positions added in March. This figure exceeded economists' expectations of 240,000 new jobs.
  • Job growth was broad-based, with the leisure and hospitality sector leading the way, adding 76,000 positions. Professional and business services followed, with 49,000 new jobs.
  • The construction industry saw a gain of 32,000 jobs, while trade, transportation, and utilities added 26,000 positions. Manufacturing employment grew by 10,000, and financial activities increased by 9,000.
  • Wages for job switchers rose 10.2% year-over-year, and for job stayers, wages increased by 5.5%.
  • Small businesses, employing fewer than 50 workers, added 77,000 jobs. Medium-sized businesses (50-249 employees) added 89,000 jobs, and large businesses (250+ employees) added 76,000 jobs.
  • The data from ADP provides an early indication of the labor market's health ahead of the government's more comprehensive jobs report scheduled for Friday.
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