Economic Buzz: US Private Sector Job Growth Slows

5 May 2022 , 09:47 AM

A report released by payroll processor ADP on Wednesday showed U.S. private sector job growth slowed by more than expected in the month of April. ADP said private sector employment increased by 247,000 jobs in April after jumping by an upwardly revised 479,000 jobs in March. The report showed employment in the service-providing sector jumped by 202,000 jobs, with employment in the leisure and hospitality industry climbing by 77,000 jobs. Employment in the goods-producing sector rose by 46,000 jobs in the month of April amid modest increases in manufacturing and construction jobs. Economists currently expect the report to show employment jumped by 394,000 jobs in April after surging by 431,000 jobs in March. The unemployment rate is expected to edge down to 3.5 percent from 3.6 percent.

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