FX.co ★ U.S. Private Sector Employment Increases Less Than Expected In April

A report released by payroll processor ADP on Wednesday showed U.S. private sector job growth slowed by more than expected in the month of April.

ADP said private sector employment increased by 247,000 jobs in April after jumping by an upwardly revised 479,000 jobs in March.

Economists had expected private sector employment to surge by 395,000 jobs compared to the addition of 455,000 jobs originally reported for the previous month.

"In April, the labor market recovery showed signs of slowing as the economy approaches full employment," said Nela Richardson, chief economist, ADP. "While hiring demand remains strong, labor supply shortages caused job gains to soften for both goods producers and services providers."

She added, "As the labor market tightens, small companies, with fewer than 50 employees, struggle with competition for wages amid increased costs."