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• Private payrolls were revised upwards to 479,000 for March
Private payrolls in the U.S. rose 247,000 in April well below the 390,000 Dow Jones estimate, according to data provided by ADP National Employment Report on Wednesday.
The private payrolls data dropped from the upwardly revised gains of 479,000 for March.
The disappointing data was a result of a drop-off in small business hiring, as companies with fewer than 50 workers saw a decline of 120,000. Companies with fewer than 20 employees, lost 96,000 workers in the month.
Large businesses added 321,000 private-sector jobs while medium-sized businesses, with 50 to 499 employees, added 46,000 jobs.
Sector-wise job growth
Service sector providers added 202,000 jobs in April, while the leisure and hospitality sector added 77,000 workers.
Goods producers added 46,000 jobs and manufacturing added 25,000 jobs, while construction grew by 16,000.
Information services was the only sector to report a decline, losing 2,000 workers.
ADP’s payroll data represent firms employing nearly 26 million workers in the U.S.
The Federal Reserve is expected to increase the interest rates by a half-percentage point, on Wednesday, to tighten financial conditions and counter inflation.
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Source: ADP