Private payrolls surge by 275,000 in April, blowing past estimates and the biggest gain since July
Private payrolls grew by 275,000 last month, the biggest increase since July, when they expanded by 284,000.
"The job market is holding firm, as businesses work hard to fill open positions," says Mark Zandi, chief economist at Moody's Analytics.The U.S. economy added far more jobs than expected in April as payrolls in the services sector grew by the most in more than two years, according to data released by ADP and Moody's Analytics on Wednesday.
Services-providing jobs increased by 223,000 in April, led by a gain of 59,000 jobs in professional and business services. Education and health services companies also added 54,000 jobs while employment within the leisure and hospitality industry expanded by 53,000. Overall, medium-sized businesses, those that employ between 50 and 499 people, led the way in jobs creation last month by adding 145,000 jobs. Jobs within small businesses, meanwhile, increased by 77,000 while large companies hired 53,000.
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