Private employers added 192,000 workers in April, better than the Dow Jones consensus outlook for 183,000 though a slight step down from the upwardly revised 208,000 in March, ADP reported.
A job seeker attends a Veteran Employment and Resource Fair in Long Beach, California, US, on Tuesday, Jan. 9, 2024. The Department of Labor is scheduled to release initial jobless claims figures on January 11.Private payrolls increased at a faster than expected pace in April, indicating there are still plenty of tailwinds for the U.S. labor market, according to ADP.
At the same time, the firm's wage measure showed worker pay up 5% from a year ago, a multiyear low that provided some welcome news against multiple other signs showing"Hiring was broad-based in April," ADP chief economist Nela Richardson said. "Only the information sector – telecommunications, media, and information technology – showed weakness, posting job losses and the smallest pace of pay gains since August 2021.
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