Broad-Based Hiring Across Industries
The hiring activity in April was broad-based across different industries, with notable gains seen in sectors such as leisure and hospitality, construction, and trade, transportation, and utilities. However, the information industry, encompassing telecommunications, media, and information technology, bucked the trend by posting job losses and witnessing the smallest pace of pay gains since August 2021. This divergence highlights the varied impact of economic conditions on different sectors.
Positive Outlook for Economic Recovery
Looking ahead, the positive trend in private payrolls bodes well for the overall economy’s recovery trajectory. Historically, ADP’s data has tended to underestimate the Labor Department’s count, but the consistency in growth seen in recent months suggests sustained strength in the labor market. As traders…
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