US ADP private sector employment rose 204k in April, slightly above expectation of 200k.
Quotes from the release:
Ahu Yildirmaz, vice president and co-head of the ADP Research Institute-
- “The labor market continues to maintain a steady pace of strong job growth with little sign of a slowdown
- “However, as the labor pool tightens it will become increasingly difficult for employers to find skilled talent.
- Job gains in the high-skilled professional and business services industry accounted for more than half of all jobs added this month.
- The construction industry, which also relies on skilled labor, continued its six month trend of steady job gains as well.”
Mark Zandi, chief economist of Moody’s Analytics-
- “Despite rising trade tensions, more volatile financial markets, and poor weather, businesses are adding a robust more than 200,000 jobs per month.
- At this pace, unemployment will soon be in the threes, which is rarified and risky territory, as the economy threatens to overheat.”
