Automatic Data Processing Inc. (ADP) reported today that private payrolls grew in April by 32,000, while layoff announcements fell to a near 4-year low. At least the addition of 32,000 private sector jobs is somewhat good news. The reason I say somewhat good news is that the U.S. needs to create about 150,000 jobs each month in order to simply balance the incoming supply of workers.
What I like about the ADP survey is that it tallies only private-sector jobs, while the Bureau of Labor Statistics' nonfarm payroll data, which is to be released this Friday, include government workers. That is why my focus is always on the ADP monthly survey, because it surveys the creation of jobs in the private sector.
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