US ADP Employment Change Apr: 742K (est 850K; prevR 565K; prev 517K) - Wide ranging jobs growth tees up Friday - details

 

US ADP Employment Change Apr: 742K (est 850K; prevR 565K; prev 517K)


What would normally be an outstanding ADP employment report with an increase of 742k jobs shows you how high expectations have become as that was a miss of exp's for 850k.  But as we've seen this understating the "real" employment numbers of late, it bodes well for a big number on Friday.

With the singular exception IT (for a second consecutive month) every size and sector showed solid if not robust growth led this month by large sized businesses (last month was medium) and services jobs (same as last few months) with the latter making up most of the huge increase up 636k (full table below).  Goods producing jobs up a still solid 106k. A big report, but as I said last month, I think we will likely see bigger on Friday (and that's what expectations are with a 1M print as the median forecast).  From the report (typo corrected, they must have forgotten to spell check ;-)):
"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 activities 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 were the details.




To see more content, including summaries of some of today's economic reports and my morning and nightly summaries go to https://sethiassociates.blogspot.com

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