ADP: April adds 220,000 jobs
Financial sector posts strongest pace since June 2013
The job market is gaining ground as recent job reports record a surge in employment from March to April.
Private sector employment increased by 220,000 jobs from March to Aril, up from 209,000 from February to March, according to the ADP National Employment Report released Wednesday.
Out of the 220,000, the financial sector added 8,000 jobs, marking the strongest pace of growth in the industry since June 2013.
"The 220,000 U.S. private sector jobs added in April is well above the twelve-month average,” said Carlos Rodriguez, president and chief executive officer of ADP.
“Job growth appears to be trending up and hopefully this will continue,” Mark Zandi, chief economist of Moody’s Analytics, said.
He continued, "The job market is gaining strength. After a tough winter employers are expanding payrolls across nearly all industries and company sizes. The recent pickup in job growth at mid-sized companies may signal better business confidence. Job market prospects are steadily improving.”
Meanwhile, TrimTabs Investment Research also released its jobs report, which showed the economy adding 242,000 jobs in April, up from between 195,000 and 225,000 in March.
This marks the month’s best growth since 2011.
“While Wall Street has been fixated on the weather, the labor market has been gradually improving,” said David Santschi, CEO of TrimTabs. “The economy has added an average of 182,000 jobs per month this year, a bit more than needed to keep pace with population growth.”