Inside the ADP Report – April's job growth was...
Bottom Line:Incredible. Otherwise there isn’t much to tell. 275,000 private sector jobs added in the first month of the 2nd quarter after 3.2% growth in the first quarter. That’s simply awesome. In fact, it’s even better because February was revised up 22,000 jobs as well. Yeah it was really just that great. Here’s the first question I posed last month:
Hiring was solid for medium and large companies but clearly not where we want it to be with small businesses. So, the question is... Did they not hire because they’re having trouble competing with larger companies over talent as was the case during parts of 2018, or did they not need to hire?
We have a clear answer. They were trying to hire but were having trouble competing for talent. Here’s the break down based on business.
- Small businesses: +77,000
- Medium sized businesses: +145,000
- Large businesses: +53,000
There’s nothing not to love here. We already have near record low unemployment and we’re seeing job growth like this? We’re living in the best jobs market in US history. Right now.Best ever. No conjecture. Here’s the second question I posed last month:
We saw construction and manufacturing jobs take a dip in March. That’s also potentially concerning but it’s the first month that’s been the case.
Question emphatically answered. We added 54,000 jobs in construction and manufacturing last month. Here are the top jobs added by industry:
- #1 Professional & Business Services
- #2 Education & Healthcare
- #3 Leisure & Hospitality
And this was my summation statement.
Watch small businesses next month. That’ll be key.
Well, here we are...boom goes the dynamite. Enjoy greatness. This is economy is great again.