Job creation by U.S. businesses slowed last month to its lowest level since fall as construction firms and retailers pulled back on their hiring, payroll firm Automatic Data Processing said Wednesday.
Private-sector firms added a still-solid 177,000 net new jobs in April, ADP reported. But that was a sharp decline from a downwardly revised 255,000 the previous month and the fewest since October.
The figures for April come after the government reported a sharp slowdown in consumer spending in the first three months of 2017 as the economy stumbled to its worst overall quarterly growth in two years.
“Job growth slowed in April due to a pullback in construction and retail jobs,” said Mark Zandi, chief economist at Moody’s Analytics, which assists ADP in preparing its report.
“The softness in construction is continued payback from outsized growth during the mild winter,” he said. “Brick-and-mortar retailers cut jobs in response to withering competition from online merchants.”
via LA Times
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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