Inside the ADP Report - April's job growth was...
Bottom Line: Really good. According to the ADP private sector jobs report we added another 204,000 jobs in April. That's a huge number for this point in the employment cycle with unemployment already historically low. Importantly, previous job gains were slightly revised negatively but not substantially. In other words, we can expect to see significant upward revisions to the government numbers when they're reported on Friday. What's more is the consistently strong jobs growth we're seeing. April was the sixth straight month for 200,000 or more private sector jobs being added.
November: +200k
December: +249k
January: +241k
February: +241k
March: +228k
April: +204k
Pretty awesome. As for where the jobs were added in April:
Small biz: +62k
Mid-Sized: +88k
Large: +54k
So, the distribution of those jobs was also a really good sign for our economy. We want to be seeing smaller and mid-sized job growth driving the majority of the gains and that's exactly what we're continue to see. It speaks to the overall health of our economy.
As for industries leading the pack...
Professional and business services: +58k
Education & Health: +39k
Leisure & Hospitality: +36k
Construction: +27k
Trade Transportation & Utilities: +14k
So decent distribution of jobs is still happening as well. In other words, there's good news pretty much everywhere you look. Importantly, April was a month I was concerned about in part due to the escalation of the tariff talk in late March into early April. If it did have a negative impact on hiring, it evidently wasn't significant. The positive job mojo continues and sets us up for what should be a strong and heavily revised jobs report on from the government.