U.S. private sector hiring at slower pace

The Markit PMI services-sector data showed a sharp slowdown in private-sector job creation for April.

"Job growth is off to a strong start in 2017", said Mark Zandi, the chief economist of Moody's Analytics.

The report, which covers 411,000 firms and 24 million workers, comes before Friday's closely-watched United States employment data, although the two reports can diverge widely. The government doesn't break out hiring by company size, but it will give some indication of how small businesses are faring.

Last month, you'll recall, this government report from the Bureau of Labor Statistics (BLS) showed a paltry 97K new jobs in the USA for the month of March.

ADP's figures don't always align with the government's official data.




The ADP report is based on an analysis of the company's payroll data. Growth was just 0.7 percent at an annual rate in the first quarter, and auto sales slumped last month. A stronger labor market is pushing central bankers to proceed with further interest-rate increases this year as they also work to pare the Fed's $4.5 trillion balance sheet.

Service-providing employment rose by 165,000 jobs, driven by the professional and business services sector which added 72,000 jobs. The manufacturing industry led the gain, adding 11,000 jobs, while the construction industry lost 2,000 jobs. Construction employment in Arkansas was little changed in March compared with March 2016, according to an analysis of federal employment data by the Associated General Contractors of America, the trade association for the US construction industry. The leisure and hospitality industries added 35,000.

While hiring fell to a six-month low, most economists weren't concerned.

There was an increase of 12,000 in the goods-producing sector from 82,000 previously as construction jobs declined slightly on the month. Paul Ashworth, an economist at research firm Capital Economics, said April's job gains are enough to lower the unemployment rate over time.

(Copyright © 2015. All Rights Reserved.)
 
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