The US private sector saw steady job growth in April, according to the ADP National Employment Report released today. Numbers show the addition of 296,000 jobs to the economy last month, and that growth in annual pay has slowed.
Of the jobs added, small businesses with up to 49 employees led the way with 121,000 jobs added. Midsize businesses made up the next largest sector with 122,000 jobs added, followed by large businesses with 500 or more employees, who added 47,000 jobs.
According to Nela Richardson, chief economist at ADP, the slowdown in pay growth gives the clearest signal of what’s going on in the labor market right now. “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.”
The report provides a detailed look into the labor market with data on private employment change and weekly job data from the past month. It uses ADP’s anonymized and aggregated payroll data of more than 25 million US employees providing a representative picture of the labor market.
Overall, the US private sector added jobs in April, although there have been slight changes in annual
