Hiring at US companies moderated in April to the slowest pace in nine months, indicating waning demand for workers amid economic uncertainty.
Private-sector payrolls increased by 62,000 this month, according to ADP Research, below all estimates in a Bloomberg survey of forecasters. The education and health services, information and professional and business services sectors all registered outright declines in headcount.
US Companies Add 62,000 Jobs in April
Private-sector hiring slowed to lowest pace in nine months
Wednesday’s figures, alongside other recent data, paint a mixed picture of the labor market. While the ADP data shows a pullback in hiring, filings for unemployment benefits remain near pre-pandemic averages, indicating layoffs are still subdued.
“Unease is the word of the day. Employers are trying to reconcile policy and consumer uncertainty with a run of mostly positive economic data,” Nela Richardson, chief economist at ADP, said Wednesday in a statement. “It can be difficult to make hiring decisions in such an environment.”
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