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ADP-Moody's report- U.S. added 275,000 jobs in April

By
Nicholas Sakelaris
The U.S. economy added 275,000 jobs in April, ADP and Moody's Analytics reported Wednesday. File Photo by Brian Kersey/UPI
The U.S. economy added 275,000 jobs in April, ADP and Moody's Analytics reported Wednesday. File Photo by Brian Kersey/UPI | License Photo

May 1 (UPI) -- Two days ahead of the Labor Department's official April jobs report, industry researchers said the U.S. economy added 275,000 jobs for the month -- which would be the largest increase since last summer.

The ADP Research Institute and Moody's Analytics report beat economists' projections, which anticipated 177,000 new jobs.

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Most of the new jobs, 145,000, were seen in mid-sized companies, the study said. Small businesses with fewer than 50 employees added 77,000 while large companies with 500 or more workers added 53,000 employees.

All private sectors saw net gains in April, the report said, except for the energy and information technology sectors.

ADP, a human resources management company, and Moody's issue their study each month ahead of the official government figures, which come Friday.

"The job market is holding firm, as businesses work hard to fill open positions," Mark Zandi, chief economist at Moody's Analytics, said in a statement. "The economic soft patch at the start of the year not materially impacted hiring. April's job gains overstate the economy's strength, but they make the case that expansion continues on."

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