(Bloomberg) — Companies in April added the fewest number of workers in more than a year, a sign progress in the labor market may be moderating along with the economy.
The 169,000 advance in employment was the smallest since January 2014 and followed a 175,000 gain in March that was smaller than initially estimated, according to figures Wednesday from the Roseland, New Jersey-based ADP Research Institute. The median forecast of 43 economists surveyed by Bloomberg called for an April increase of 200,000.
Employers, coming off the biggest year for hiring since 1999, are limiting additions to headcounts as they assess demand following a first-quarter economic slowdown. Smaller payroll gains may extend the time needed to take up slack in the labor market, a precondition for faster growth in wages that have been slow to accelerate.
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