US private payrolls increase by 247,000 in April

By Ovunc Kutlu

ANKARA (AA) – US private payrolls rose by 247,000 in April, coming below market estimate, according to a report released on Wednesday.

The market expectation for private payrolls was an increase of 395,000, while the figure for March was revised from 455,000 to 479,000, according to the report by ADP Research Institute.

Small businesses saw a loss of 120,000 jobs, while medium and large businesses added 46,000 and 321,000, respectively.

"In April, the labor market recovery showed signs of slowing as the economy approaches full employment," ADP chief economist Nela Richardson said in the report.

"While hiring demand remains strong, labor supply shortages caused job gains to soften for both goods producers and services providers. As the labor market tightens, small companies, with fewer than 50 employees, struggle with competition for wages amid increased costs," she added.