Private sector hiring in April blows past Wall Street's expectations
ManpowerGroup North America President Becky Frankiewicz and Vision 4 Funds Vice President Heather Zumarraga discuss the state of the U.S. economy and whether the market will continue to move higher.
U.S. private sector hiring grew by 275,000 jobs in April, according to the ADP National Employment report, surging past analyst expectations of 180,000 jobs.
“April posted an uptick in growth after the first quarter appeared to signal a moderation following a strong 2018,” Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in a statement. “The bulk of the overall growth is with service providers, adding the strongest gain in more than two years.”
The results precede the release on Friday by the Labor Department of the monthly jobs report, which will provide further insight into whether the nation’s economy is slowing. The U.S. economy is expected to have added 185,000 jobs. Job growth in March rebounded by 196,000.
“The economic soft patch at the start of the year has not materially impacted hiring,” Mark Zandi, chief economist of Moody’s Analytics, said in a statement. “April’s job gains overstate the economy’s strength, but they make the case that expansion continues on.”
Most of the jobs were created in the goods-producing and service providing-sectors. Natural resources and mining, as well as information, were the only sectors to lose jobs.
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