The US economy posted far more jobs than expected in April, as service sector profits grew most in more than two years, according to data released by ADP and Moody & # 39; s Analytics on Wednesday.
Private wage bills grew by 275,000 last month, the largest increase since July, when they expanded by 284,000. Economists followed by Dow Jones expected private wage growth of 177,000.
Service jobs increased by 223,000 in April, with a gain of 59,000 jobs in professional and business services. Education and health services companies have also added 54,000 jobs, while employment in the leisure and hospitality industry expanded by 53,000.
Freight production ̵
Total medium-sized businesses, those employing between 50 and 499 people, led the way to job search last month by adding 145,000 jobs. Small business positions increased by 77,000 while large companies employed 53,000.
"The labor market stuck, as companies are working hard to fill open positions," said Mark Zandi, chief financial officer of Moody's Analytics, in a statement. "The economic soft patch at the beginning of the year has not significantly affected the ring. April's gains overestimate the strength of the economy, but they continue the expansion. "Wednesday's report came after the Department of Commerce said last week The economy grew by 3.2% in the first quarter on an annualized basis. It was the best start of a year since 2015. The official April government report will be released this Friday.
Subscribe to CNBC on YouTube.