The news for the labor market is looking good, as we get the first slice of data on job growth in April:
Private companies added 220,000 new jobs to their payrolls in April, according to the latest ADP National Employment Report released Thursday.
"The 220,000 U.S. private sector jobs added in April is well above the twelve-month average," Carlos Rodriguez, president and CEO of ADP said in a statement. "Job growth appears to be trending up and hopefully this will continue."
Here's a snapshot of how many jobs were added during the past year:
Mark Zandi, chief economist of Moody's Analytics, which produces the report jointly, said after a tough winter, employers are adding to their payrolls.
"The recent pickup in job growth at mid-sized companies may signal better business
confidence," Zandi said. "Job market prospects are steadily improving."
The ADP report is something of a preview for the week's most-anticipated economic news — the Bureau of Labor Statistics' look at job growth and the unemployment rate in April. It is due on Friday at 8:30 a.m. ET.