First Look at April: ADP Says 742K 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 742K nonfarm private employment jobs gained, an increase over the ADP revised March figure of 565K.
The 742K estimate came in below the Investing.com consensus of 800K for the ADP number.
The Investing.com forecast for the forthcoming BLS report is for 893K private nonfarm jobs gained and the unemployment rate to remain drop to 5.8%. Their forecast for the April new full nonfarm jobs is (the PAYEMS number) 978K.
Here is an excerpt from today's ADP report press release:
“The labor market continues an upward trend of acceleration and growth, posting the strongest reading since September 2020,” said Nela Richardson, chief economist, ADP. “Service providers have the most to gain as the economy reopens, recovers and resumes normal actvities and are leading job growth in April. While payrolls are still more than 8 million jobs short of pre-COVID-19 levels, job gains have totaled 1.3 million in the last two months after adding only about 1 million jobs over the course of the previous five months.”
Here is a visualization of the two series over the previous twelve months.
The next update to this report will be on June 3.
Here's our list of monthly employment updates: