Job Growth Far Exceeds Expectations

Trump Wins Again

By Reuters Wire

U.S. private employers added 275,000 jobs in April, well above economists’ expectations and the most since last July, supporting the view of a solid domestic labor market, a report by a payrolls processor showed on Wednesday.

April’s robust figure might be overstating the strength of the jobs sector due to technical factors, said Mark Zandi, chief economist at Moody’s Analytics which jointly developed the employment report with ADP.

Breaking News: ‘275,000 Jobs added to US Economy in April’

ADP Employment Report consensus was 180,000 jobs created so this number is monster beat.

Highlights

Construction 49,000

Professional 59,000

Trade (higher paying blue collar work) 37,000#Winning pic.twitter.com/9vaWAFWzC7 — Charles V Payne (@cvpayne) May 1, 2019

Job growth last month was likely in the 175,000 to 200,000 range, which is the current consensus range among economists, Zandi said on a conference call with reporters.

Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 180,000 jobs, with estimates ranging from 141,000 to 225,000.

Private payroll gains in the month earlier were revised up to 151,000 from an originally reported 129,000 increase.

While the overall labor market is “fine,” it is slowing, Zandi said.

ADM jobs report clocked a nice 275K number. Earlier #Mortgage refis were down & new purchases are barely 1% above last year ISM & Construction is at 10am but none of this matters until 2pm when Fed will utter its own views on things. #stocks #stockmarket #Employment pic.twitter.com/9qaHOoQOik — MarginCall (@MarginCall3) May 1, 2019

The ADP figures come ahead of the U.S. Labor Department’s more comprehensive non-farm payrolls report at 8:30 a.m. (1230 GMT) on Friday, which includes both public and private-sector employment.

Economists polled by Reuters are looking for U.S. private payroll employment to have grown by 180,000 jobs in April, down from 182,000 the month before. Total non-farm employment is expected to have changed by 185,000.

The unemployment rate is forecast to stay steady at the 3.8 percent recorded a month earlier.

ADP just reported stellar Jobs growth for April! Important data: 80% of the gains emanated from small/medium sized companies. The dynamism is back. Growth, opportunity, prosperity. Private Sector Employment +275,000 Jobs in April https://t.co/nsKHlsigc9 — Steve Cortes (@CortesSteve) May 1, 2019

Reuters contributed to this report.

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(TLB) published this article/report from The Federalist Papers.

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