Private survey shows U.S. hiring slowed last month
A private survey shows U.S. businesses sharply reduced hiring in April, a cautionary sign two days before the government releases its official report on monthly job growth. Payroll provider ADP says that businesses added just 119,000 jobs last month, far lower than a revised total of 201,000 jobs in March. The number of jobs added was the fewest ADP has reported in seven months. Stock futures fell slightly after the report was released. The survey covers hiring only in the private sector—and it has been known to deviate sharply from the government's figures, which will be released Friday. For example, the government said employers added just 120,000 jobs in March, which is much lower than ADP's estimate. Many economists tell The Associated Press the ADP figures would not lead them to change their forecasts. Analysts expect the government will report Friday that employers added 163,000 jobs in April, according to a survey by FactSet. The unemployment rate is expected to stay at 8.2%. The disparity between figures released by ADP and the government, respectively, could reflect the way each gathers employment figures. The Bureau of Labor Statistics draws its data from a survey of employers in government and the private sector. ADP derives its figures from the payroll data it processes for about 344,000 U.S. companies that employ 21 million people. Read the full story for more details in the report here.
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