Inside The ADP Jobs Report For May 2021
Bottom Line: The jobs economy continued to recover in April with a fourth consecutive month of private sector job gains and the best month of private sector jobs gains since September. According to the ADP Report there were 742,000 private sector jobs gained. That included...
- Small businesses: +235,000
- Midsized: +230,000
- Large: +277,000
The size of the gains was encouraging as was where they came from. Across the board gains with small businesses seeing accelerated job growth. While large companies added the most jobs, they didn’t come at the expense of small businesses, so the report shows solid, across the board progress in the recovery. This continuation and acceleration of small business hiring is especially encouraging. Small businesses are leading economic indicators and typically are only hiring when the real-time demand is there to necessitate it.
Here were the top industries for hiring in April:
- #1: Leisure and Hospitality
- #2: Trade, Transportation & Utilities
- #3: Professional & Business Services
No changes there...the sectors that were recovering the most continued to hire the most again in April. We continued to see all but one sector add jobs. The information sector, which shed 3,000 jobs during the month. There was a lot to like in this report even though the total number came in a bit lighter than some estimates. Tomorrow we’ll get the full jobs picture with government jobs added in. More to come...
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