The Big Picture

The jobs hole exists and is not getting filled fast enough

As the economy reopens, improves, and resumes daily operations, service providers stand to benefit the most, and they are leading job growth in April.

Although payrolls are still more than 8 million workers below pre-COVID-19 peaks, employment gains have totaled 1.3 million in the last two months, compared to just around 1 million in the previous five months.

ADP’s National Employment report was supposed to print a very positive 850k job additions in April after a notable disappointment in the previous two months, but it disappointed again with a ‘mere’ 742k job additions (though March additions were revised higher from +517k to +565k).