Payroll processor ADP released their report on Wednesday and have said that private employers hired 220,000 more workers in April. The figure has been the highest reported monthly total of jobs added for this year.
Economists had expected ADP to report 200,000 more jobs for the month of April. Previous survey’s had forecasted Friday’s reports to show payroll gains for 210,000 jobs and 6.6% unemployment rate that was down from 6.7% in March. The private sector jobs added in March were revised up to 209,000 according to ADP.
When categorized by employer size, Aprils new job totals in ADP’s survey are:small businesses, up 82,000; medium-sized businesses, 81,000; large businesses, 57,000. The last time the ADP survey showed back-to-back months of job gains in excess of 200,000 was October-December 2012.
The news has brought hope to the economists as the United States economy suffered a bad first quarter. The economists predict that the U.S. economy could reach or surpass the 3% annual rate later this year.