News built for finance pros
CFO Brew helps finance pros navigate their roles with insights into risk management, compliance, and strategy through our newsletter, virtual events, and digital guides.
The private sector added 192,000 jobs in April, stringing together three months of accelerated hiring, according to the latest numbers from HR, payroll, and talent management firm ADP.
“Hiring was broad-based in April,” and the information sector was the only one to reduce headcount, Nela Richardson, chief economist at ADP, said in a statement.
Private firms added 184,000 jobs in March, ADP previously reported.
Employment growth is one reason the economy won’t see interest-rate relief for at least a little while longer. In their latest remarks, Federal Reserve officials cited the strong job market as a reason it will hold interest rates steady.
“Job gains have remained strong, and the unemployment rate has remained low,” according to the Fed statement. “Inflation has eased over the past year but remains elevated. In recent months, there has been a lack of further progress toward the Committee’s 2 percent inflation objective.”
Annual pay was up 5% YoY, though ADP noted that “pay growth continues to slow.” Annual wages increased 5.1% in March.
ADP gathers private-sector job and wage numbers from its payroll data.