Summary:
The ADP report showed that the U.S. private sector added 192,000 jobs, hiring increased in various industries, and the labor market remained strong.
May ADP
5/6/2024 (Wed)
Previous (Feb): 192k Forecast: 175k
The numbers: US businesses created 192k new jobs in April, ADP said, and more industries hired people in a sign of ongoing labour-market strength.
"Hiring was broad-based in April," according to Nela Richardson, chief economist. The service-providing sector saw the biggest increases and only the IT sector showed weakness.
However, the reading diverged from the government report showing a job gain of 175k last month. The agent expects the new hiring to soften in May, adding to the evidence of a slowdown in the economy.
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