US ADP Report: Report points to strong U.S. economy and weakness in services sector

Today ADP employment numbers were released from the US for the month of April.

ADP number shows the US labor markets remains strong.

There are two things to note in the headline that,

• ADP report indicates underlying strength in the economy. Trump effect remains active completely as goods-producing sector adding jobs, especially manufacturing.
   
• February payroll saw a revision, where the headline was revised down to 228,000 (from 246,000).

Key highlights –

• Non-farm private sector employment grew at 204,000 in April, the median expectation was for 200,000.The small
• ll business sector added 62,000 jobs, compared to 47,000 gain last month.
• Employment in franchise declined by 10,600, compared to last month’s 100 job loss.
• Mid-sized companies added 88,000 jobs compared to last month’s 127,000 jobs.
• Large sector added just 54,000 compared to last month’s 67,000 jobs.
• Manufacturing sector payroll registered 10,000 jobs gain compared to 29,000 jobs gain last month.
• 44, 000 jobs were gained in goods producing sector, compared to last month’s 65,000 jobs gain.
• Construction sector added 27,000 jobs, compared to last month’s 31,000 jobs gain.
• Services sector employment remains high as payroll added 160,000 people in April. March gain was 176,000.

Dollar index is currently trading at 92.34, down 0.12 percent for the day so far.