by Calculated Risk on 5/04/2022 08:19:00 AM
April according to the April ADP(R) National Employment ReportTM. Broadly
distributed to the public each month, free of charge, the ADP National Employment Report is produced by
the ADP Research Institute(R) in collaboration with Moody’s Analytics. The report, which is derived from
ADP’s actual data of those who are on a company’s payroll, measures the change in total nonfarm private
employment each month on a seasonally-adjusted basis
“In April, the labor market recovery showed signs of slowing as the economy approaches full
employment,” said Nela Richardson, chief economist, ADP. “While hiring demand remains strong, labor
supply shortages caused job gains to soften for both goods producers and services providers. As the
labor market tightens, small companies, with fewer than 50 employees, struggle with competition for
wages amid increased costs.”
This was below the consensus forecast of 395,000 for this report.
The BLS report will be released Friday, and the consensus is for 400 thousand non-farm payroll jobs added in April. The ADP report has not been very useful in predicting the BLS report, but this suggests a weaker than expected BLS report.