The ADP report estimates that the US added 64k new non-government jobs in April. Government payroll growth has averaged 27k over the past three months. So, it looks like the ADP survey, when adjusted for government jobs, shows a 91k employment gain for April, and is close to the consensus 100k for Friday's non-farm payroll number.
April's increase was the smallest since July 2003. In addition, ADP's estimate for last month was revised down to 98k from 106k. These levels are consistent with below trend growth for the economy.
The survey is based on payroll information for 364k businesses and around 22 million employees. ADP saw a drop in manufacturing jobs of 42k in April, and a gain of 106k in service jobs. It appears that large companies shed jobs last month, while smaller companies added.
Wednesday, May 2, 2007
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