First Look at April: ADP Says 247K New Nonfarm Private Jobs
The economic mover and shaker this week is Friday's employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change in Total Nonfarm Employment (the PAYEMS series in the FRED repository).
This morning we have the ADP April estimate of 247K nonfarm private employment jobs gained, a decrease over the ADP revised March figure of 479K.
The 247K estimate came in below the Investing.com consensus of 395K for the ADP number.
The Investing.com forecast for the forthcoming BLS report is for 385K private nonfarm jobs gained and the unemployment rate to drop to 3.5%. Their forecast for the April new full nonfarm jobs is (the PAYEMS number) 394K.
Here is an excerpt from today's ADP report press release:
“In April, the labor market recovery showed signs of slowing as the economy approaches full employment,” said Nela Richardson, chief economist, ADP. “While hiring demand remains strong, labor supply shortages caused job gains to soften for both goods producers and services providers. As the labor market tightens, small companies, with fewer than 50 employees, struggle with competition for wages amid increased costs.”
Here is a visualization of the two series over the previous twelve months.
The next update to this report will be on June 2.
Here's our list of monthly employment updates: