Private sector employment increased by 296,000 jobs in April and annual pay was up 6.7 percent year-over-year, according to the April ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”).This was way above the consensus forecast of 135,000. The BLS report will be released Friday, and the consensus is for 178 thousand non-farm payroll jobs added in April.
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“The slowdown in pay growth gives the clearest signal of what's going on in the labor market right now,” said Nela Richardson, chief economist, ADP. “Employers are hiring aggressively while holding pay gains in check as workers come off the sidelines. Our data also shows fewer people are switching jobs.”
emphasis added
Wednesday, May 03, 2023
ADP: Private Employment Increased 296,000 in April
From ADP: ADP National Employment Report: Private Sector Employment Increased by
296,000 Jobs in April; Annual Pay was Up 6.7%
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