This archive report was first published on 5 May 2021.
On May 5, 2021, the US economy showed signs of recovery from the Covid-19 pandemic, with private firms adding 742,000 jobs in April, according to a survey released by ADP.
This marks the fourth consecutive month of gains, with the economy regaining positions after the wave of mass layoffs that started in March 2020.
The job gains were spread across firms of all sizes, but were concentrated in the service sector, particularly in leisure and hospitality, which was hit hardest by the pandemic's business restrictions.
“The labor market is recovering and job growth is set to accelerate over coming months as the economy continues to move closer to a broader reopening,” said Rubeela Farooqi of High Frequency Economics.
However, the overall increase in private hiring fell short of the 810,000 economists had expected.
The ADP report is considered a preview of the Labor Department's employment report, due out on Friday, which is expected to show a blowout surge of a million public and private sector jobs in April, as well as a two-tenths drop in the unemployment rate to 5.8 percent.
