Private sector job growth rises more than expected in April
Lincoln Tech CEO Scott Shaw explains why more young workers are seeking trade jobs on 'Varney & Co.'
Hiring by U.S. companies rose more than expected in April as the labor market remained resilient even in the face of higher interest rates and ongoing inflation, according to the ADP National Employment Report released Wednesday morning.
Companies added 192,000 jobs last month, beating the 175,000 increase predicted by LSEG economists but down from the upwardly revised March gain of 208,000.
At the same time, the report showed that wage growth – a key driver of inflation – decelerated last month, with annual pay rising 5%. For workers who changed jobs, wages climbed 9.3%, a steep drop from the 10.1% boost recorded in March.
401(K) 'HARDSHIP' WITHDRAWALS SURGE TO ANOTHER RECORD AS HIGH INFLATION STINGS
Construction workers on a job site on May 5, 2023, in Miami, Florida. ((Photo by Joe Raedle/Getty Images) / Getty Images)
Job growth was widespread across sectors last month.
The leisure and hospitality sector accounted for the most job gains in April with the industry onboarding 56,000 new workers. There were also substantial hiring gains in construction (35,000), education and health services (26,000), trade, transportation and utilities (26,000) and professional and business services (22,000). Hiring fell in just one sector: information, which shed 4,000 positions in April.
JAMIE DIMON WARNS INFLATION, INTEREST RATES MAY REMAIN ELEVATED
«Hiring was broad-based in April,» said Nela Richardson, ADP chief economist. «Only the information sector – telecommunications, media, and information technology – showed weakness, posting job losses and the smallest pace of pay gains since August 2021.»
The stronger-than-expected
Read more on foxbusiness.com
