Private-sector job growth slowed in April, according to this month's report from payroll processor ADP, which showed private payrolls adding 156,000 jobs last month. Prior to this morning's report, economists polled by Reuters were predicting gains ranging from 116,000 to 225,000, with an average prediction of 196,000. The report shows the weakest job gains in three years.
The ADP National Employment Report beat expectations again this month, reflecting the addition of 205,000 jobs to private payrolls from December to January, according to the payroll processor. Prior to the release of the report, economists polled by Reuters were predicting average gains of 195,000 jobs.
Who would have thought that the last month of the year would show the most jobs added to private payrolls? Certainly, this morning's National Employment Report from payroll processor ADP took economists by surprise: those polled by Reuters were predicting the addition of 192,000 jobs, far below the actual number of 257,000 jobs.
This morning's ADP National Employment Report showed the addition of 182,000 jobs to private payrolls last month, almost exactly as economists predicted. (Those polled by Reuters were looking for gains of 180,000 jobs.) However, last month's report was revised downward to 190,000 jobs from 200,000 jobs, and job creation has averaged 184,000 per month over the past three months. A year ago, gains averaged 263,000 for the same three-month period. Is job growth slowing?