Payroll-processing company ADP and its partner Moody's Analytics released the fifth consecutive employment report that shows declining monthly job growth. The United States economy rose by 169,000 private nonfarm jobs from March to April, which is down from March's revised figure of 175,000 and February's 200,000.
Though job gains came in at under 200,000 again this month, Moody’s Analytics chief economist Mark Zandi, chief economist remains hopeful for economic development in the coming months. “Fallout from the collapse of oil prices and the surging value of the dollar are weighing on job creation. Employment in the energy sector and manufacturing is declining. However, this should prove temporary and job growth will reaccelerate this summer,” Zandi said in a press release.
The construction industry added 23,000 jobs, an increase from the 21,000 jobs added last month. Meanwhile, manufacturing took a plunge and experienced its worst month in more than five years. The industry lost 10,000 jobs in April, after losing 3,000 in March. Professional and business services, which likely includes architects and engineers, grew by 34,000 jobs, up from 28,000 in the previous month.
The U.S. Bureau of Labor Statistics is scheduled to release its April jobs report on Friday, which provides more specific details about job growth in the construction, architecture, and engineering fields.
Charts: Maggie Goldstone; Source: ADP and Moody's Analytics