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Economy in Brief

U.S. ADP: Job Growth Is Disappointing
by Tom Moeller  May 6, 2015

The ADP/Moody's National Employment Report indicated that nonfarm private sector payrolls increased 169,000 during April following a 175,000 March gain, revised from 189,000. The latest rise was the weakest since January of last year and down from 296,000 last June. It disappointed consensus expectations for a 198,000 increase in the Action Economics Forecast Survey.

The ADP survey is based on ADP's business payroll transaction system covering 411,000 companies and nearly 24 million employees. The data are processed by Moody's Analytics Inc., then calibrated and aligned with the BLS establishment survey data.

Small-sized payrolls improved 94,000 (2.7% y/y), the weakest rise in three months. Medium-sized payrolls rose a moderate 70,000 (2.4% y/y) in April compared to a 123,000 gain six months earlier. Large payrolls nudged 5,000 higher (1.8% y/y), down from an 81,000 increase back in September.

Employment in the goods producing sector slipped 1,000 (+2.2% y/y), compared to a 64,000 rise in September. Hiring in the construction sector advanced 23,000 (5.1% y/y) while manufacturing sector businesses shed 10,000 workers (+1.1% y/y). Jobs in the service sector increased a modest 170,000 (2.4% y/y), down from the 248,000 pace reached last June. Jobs in trade, transportation & utilities increased 44,000 (1.9% y/y). Professional & business employment gained 35,000 (3.0% y/y) while employment in the financial sector improved 8,000 (1.7% y/y).

The ADP National Employment Report data are maintained in Haver's USECON database; historical figures date back to April 2001. The figures in this report cover jobs only in the private sector. The expectation figure is available in Haver's AS1REPNA database.

ADP/Moody's National Employment Report Apr Mar Feb Y/Y 2014 2013 2012
Nonfarm Private Payroll Employment (m/m chg, 000s) 169 175 200 2.4% 2.3% 1.9% 2.3%
 Small Payroll (1-49) 94 105 102 2.7 2.1 1.9 2.5
 Medium Payroll (50-499) 70 64 52 2.4 2.8 2.2 2.1
 Large Payroll (>500) 5 6 47 1.8 1.8 1.6 2.1
Goods-Producing -1 3 17 2.2 2.3 1.7 2.2
  Construction 23 21 25 5.1 4.6 3.5 2.5
  Manufacturing -10 -3 3 1.1 1.2 0.9 1.6
Service-Producing 170 172 182 2.4 2.3 2.0 2.3
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