The United States added more than 740,000 private payrolls during the month of April, ADP and Moody’s Analytics said in their monthly assessment Wednesday, showing that the U.S. economy is recovering.
For the month, there was an addition of about 742,000 jobs, the report said.
The new jobs were spread across various sectors. Small businesses accounted for about 235,000, medium businesses 230,000 and large businesses 277,000.
ADP’s forecast was a bit lower than most analysts (800,000), but significantly higher than the 565,000 jobs posted for March.
Still, forecasters said, the increase signals continued strength in the U.S. economy.
“The labor market continues an upward trend of acceleration and growth, posting the strongest reading since September 2020,” ADP Chief Economist Nela Richardson said in a statement.
“Service providers have the most to gain as the economy reopens, recovers and resumes normal activities and are leading job growth in April.”
Payrolls are still about 8 million jobs short of pre-Covid levels, but Richardson added that gains have totaled 1.3 million over the past two months – compared to about 1 million over the five months before that.
The service sector created the lion’s share of new jobs (636,000), ADP and Moody’s said – in which leisure and hospitality, trade and transportation and professional and business services posted strong numbers for April. Education, health and support services also performed well, the report said.
The federal government will release its official jobs report for April on Friday. SOVEREIGNPH