Private sector job growth in the U.S. accelerated in the month of April but still came in below economist estimates, according to a report released by payroll processor ADP on Wednesday.
ADP said private sector employment spiked by 742,000 jobs in April after surging by an upwardly revised 565,000 jobs in March.
However, economists had expected private sector employment to soar by 800,000 jobs compared to the jump of 517,000 jobs originally reported for the previous month.
"The labor market continues an upward trend of acceleration and growth, posting the strongest reading since September 2020," said Nela Richardson, chief economist at ADP.
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