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U.S. Private Sector Job Growth Falls Well Short Of Expectations In April
(RTTNews) - Payroll processor ADP released a report on Wednesday showing private sector employment in the U.S. increased by much less than expected in the month of April.
ADP said private sector employment climbed by 62,000 jobs in April after surging by a downwardly revised 147,000 jobs in March.
Economists had expected private sector employment to jump by 125,000 jobs compared to the addition of 155,000 jobs originally reported for the previous month.
"Unease is the word of the day. Employers are trying to reconcile policy and consumer uncertainty with a run of mostly positive economic data," said ADP chief economist Dr. Nela Richardson. "It can be difficult to make hiring decisions in such an environment."
ADP said the weaker than expected private sector job growth came as the education and health services, information, and professional and business services industries lost jobs, while hiring in other sectors was moderate.
The report also said pay for job-stayers rose 4.5 percent in April compared to the same month a year ago, reflecting a slight deceleration from March.
Meanwhile, year-over-year pay growth for job-changers accelerated to 6.9 percent in April from 6.7 percent in March.
The Labor Department is scheduled to release its more closely watched monthly employment report, which includes both public and private sector jobs, on Friday.
Economists currently expect employment to jump by 130,000 jobs in April after surging by 228,000 jobs in March, while the unemployment rate is expected to remain unchanged at 4.2 percent.
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