Small Firms Bolster Job Market
Led by small firms, U.S. private-sector employment grew by 10,000 new jobs last month, ADP reported this week.
Employment gains at smaller businesses were offset by sizeable losses at large and midsize companies. In total, employers with fewer than 50 workers created 42,000 new jobs in April, while larger employers shed 32,000. The results are based on payroll data from 500,000 U.S. businesses.
The service sector continued to drive employment growth, accounting for 64,000 new jobs last month. By contrast, 54,000 jobs were cut in the goods-producing sector, where employment has declined for 17 consecutive months.
The number of jobs in manufacturing, residential construction and financial services related to housing also declined.
On Tuesday, the Conference Board reported a continued slide in consumer confidence, citing a weaker job market, among other factors.