U.S. private payrolls increased more than expected in April, suggesting that the labor market maintained its momentum early in the second quarter.
An employee hiring sign with a QR code is seen in a window of a business in Arlington, Virginia, U.S., April 7, 2023. REUTERS/Elizabeth Frantz/File PhotoWASHINGTON, May 1 -
All industries, with the exception of information, increased hiring last month. Construction led the increase with 35,000 jobs added. Trade, transportation and utilities payrolls rose 26,000 while professional and business services added 22,000 positions. Employment in the financial activities industry increased 22,000. Manufacturing payrolls rose 9,000, but the information sector shed 4,000.
The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the release on Friday of the Labor Department's more comprehensive and closely watched employment report for April.interest rate unchanged in the current 5.25%-5.50% range, where it has been since July. They have raised the policy rate by 525 basis points since March 2022. Financial markets have pushed back expectations of a rate cut this year to September from June.
CEN ECI ECO INT JOB MCE MPLT PLCY AMERS US NAMER ECON TOPNWS PACKAGE:US-TOP-NEWS ILEI
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