The pace of job growth among America’s private employers slowed sharply in April while small business hiring dipped into negative territory, according to payroll processor ADP, with the numbers painting a picture of a labor market recovery losing steam.
Private-sector employment in the United States grew by 247,000 positions in April, according to ADP’s May 4 report, well below market forecasts of 395,000 and a big drop from March’s 479,000 positions.
“In April, the labor market recovery showed signs of slowing as the economy approaches full employment,” ADP chief economist Nela Richardson said in a statement.
The U.S. unemployment rate currently sits at 3.6 percent, a level economists generally consider to be close to full employment, with the rate never going to zero as there are always some active job-seekers who are between jobs.
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