US Private Sector Adds Nearly 300,000 Jobs in April, But Pay Growth Slows Down: ADP Report Highlights
Rigelsky, Inc.
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Attention job seekers and business owners! The latest ADP National Employment Report is out and it's full of interesting insights about the US labor market. According to the report, the US private sector added 296,000 jobs in April, with the most job growth happening in the service-providing sector and the leisure/hospitality industry.
Interestingly, pay growth for those staying in their jobs rose by 6.7% in April, while pay for those changing jobs increased by 13.2%. However, the growth in pay for those changing jobs was the lowest since November 2021, which suggests that employers are hiring aggressively but are holding back on pay gains as more workers enter the market.
The report also found that small businesses with fewer than 49 employees added 121,000 jobs in April, while midsize businesses with fewer than 499 employees added 122,000 jobs. Large businesses with 500 or more employees added 47,000 jobs.
So, what industries saw the most job growth in April? The leisure/hospitality industry added the most jobs, with 154,000 new positions, followed by education/health services with 69,000 new jobs. However, the manufacturing sector saw a decline of 38,000 jobs.
These findings are based on ADP's anonymized and aggregated payroll data of more than 25 million US employees, providing a representative picture of the labor market. With this information, job seekers and business owners can stay up-to-date on the latest trends in the labor market and make informed decisions.