Small companies reduced hiring in April, adding 61000 jobs

Reuters
Reuters
Author

04 May, 2017

The report's release comes after other recent signs the economy has slowed.

Small businesses added 61,000 jobs last month, including 28,000 at businesses with between one and 19 employees, and 33,000 at companies with between 20 and 49 employees. The ADP figures have shown a spotty relationship with the government's monthly payrolls tallies, particularly in March when the group's reading was nearly triple the Labour Department's gain in private employment.

This report suggests Friday's non-farm payrolls report, released by the government, could alsocome in close to expectations.

The report, which covers 411,000 firms and 24 million workers, comes before Friday's closely-watched United States employment data, although the two reports can diverge widely.

ADP research institute VP and co-head, Ahu Yildirmaz, commented, In April we saw a moderate slowdown from the strong pace of hiring in the first quarter.

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The ADP report is based on an analysis of the company's payroll data. The softness in construction is continued payback from outsized growth during the mild winter.

As is usually the case, most of the new jobs - 165,000 - were created in service-providing industries - with professional/business services adding 72,000 positions, followed by administrative/support services (+53,000), education/health services (+41,000), leisure/hospitality (+ 35,000), and health care/social assistance (+22,000).

Analysts expect tomorrow's report to show a gain of 180,000 jobs for April.

The unemployment rate is forecast to tick up to 4.6 percent from the 4.5 percent recorded a month earlier. Construction hiring accelerated in the first two months of the year, when the weather was warmer than usual, and has leveled off since then.

With economic and job growth slowing, Fed officials are expected to hold the rate steady when they announce their decision Wednesday. Manufacturing added 11,000 jobs, a modest gain, while construction firms cut 2,000 positions.


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