Job Growth Slows in April, ADP Shows
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While the economy continues to show improvement, jobs it seems are still hard to come by. The April ADP National Employment Report showed U.S. private sector firms added just 119,000 jobs from March to April, which was well below the 150,000 job additions expected by economists. In addition, the March report, which reported job gains of 158,000, was revised downward to 131,000 jobs.
Small business added 50,000 jobs in the month, Medium business added 26,000 and large business added 43,000.
The goods producing sector added 6,000 jobs in the period, while the service providing sector added 113,000.
By industry, construction added 15,000, manufacturing lost 10,000, trade/transportation/utilities added 29,000, financial activities added 7,000 and professional/business services added 20,000.
Mark Zandi, chief economist of Moody's Analytics, said, "Job growth appears to be slowing in response to very significant fiscal headwinds. Tax increases and government spending cuts are beginning to hit the job market. Job growth has slowed across all industries and most significantly among companies that employ between 20 and 499 workers."
Small business added 50,000 jobs in the month, Medium business added 26,000 and large business added 43,000.
The goods producing sector added 6,000 jobs in the period, while the service providing sector added 113,000.
By industry, construction added 15,000, manufacturing lost 10,000, trade/transportation/utilities added 29,000, financial activities added 7,000 and professional/business services added 20,000.
Mark Zandi, chief economist of Moody's Analytics, said, "Job growth appears to be slowing in response to very significant fiscal headwinds. Tax increases and government spending cuts are beginning to hit the job market. Job growth has slowed across all industries and most significantly among companies that employ between 20 and 499 workers."
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