A private survey shows U.S. businesses sharply reduced hiring in April, a cautionary sign two days before the government reports on monthly job growth.
Payroll provider ADP said Wednesday that businesses added just 119,000 jobs last month, far lower than a revised total of 201,000 jobs in March.
The number of jobs added was the fewest ADP has reported in seven months. Stock futures fell slightly after the report was released.
The survey covers hiring only in the private sector. And it has been known to deviate sharply from the government’s figures, which will be released on Friday. For example, the government said employers added just 120,000 jobs in March — much lower than ADP’s estimate.
Many economists said the ADP figures would not lead them to change their forecasts. Analysts expect the government will report Friday that employers added 163,000 jobs in April, according to a survey by FactSet. The unemployment rate is expected to stay at 8.2 percent.
Read More at OfficialWire. By Christopher S. Rugabar.
Photo Credit: Rodrigo_Soldon (Creative Commons)
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