US ADP employment grew 742k in April, below expectation of 808k. By company size, small businesses added 235k jobs, medium businesses 230k, large businesses 277k. By sector, goods-producing companies added 106k jobs, services-providing companies 636k.
“The labor market continues an upward trend of acceleration and growth, posting the strongest reading since September2020,” said Nela Richardson, chief economist, ADP. “Service providers have the most to gain as the economy reopens, recovers and resumes normal activities and are leading job growth in April. 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.”
