ADP: Private Payrolls Rise 742k in April, Missing Expectations

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Private payrolls rose less than expected in April, but still increased by the most since September as COVID-19 vaccinations and reopenings stoke economic activity.

U.S. employers added back 742,000 payrolls last month, ADP said in its closely watched monthly report on Wednesday. This followed a revised rise of 565,000 jobs in March. Consensus economists were looking for private payrolls to increase by 850,000, according to Bloomberg data.

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The service-providing sector added back 636,000 jobs during the month, with the areas most deeply affected by the pandemic recovering more lost payrolls. Leisure and hospitality private payrolls surged by 237,000, while trade, transportation and utilities jobs increased by 155,000. Payrolls only declined in the information industry group.

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finance.yahoo.com/news/adp-private-payrolls-jobs-market-pandemic-economy-recovery-121623211.html

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