Private employment growth slipped to an eight-month low in April, driven by the decline recorded in small businesses. QQQ is down 0.88%, while SPY is down 0.26%.
- Private sector employment grew by 247,000 in April, lower than the 479,000 in March and 619,000 in the same month last year.
- The latest reading is the lowest increase in eight months since employment climbed by 277,000 in August 2021.
- Broken down by company size, employment in small businesses fell by 120,000, while medium businesses increased by 46,000 and large firms by 321,000.
- Goods-producing businesses increased by 46,000, including natural resources with 4,000; construction with 16,000; and manufacturing with 25,000.
- Service-providing businesses increased by 202,000, led by leisure and hospitality with 77,000, and education and health services by 48,000.
- Franchise employment for the month stood at 47,400.