While companies added more jobs during the month of April, the gains marked the slowest rate of growth in some seven months, according to statistics compiled by ADP Employer Services.
A study by the firm revealed that during last month, there were a total of 119,000 new jobs added, down sharply from 201,000 added during March. According to Bloomberg, some firms have been less aggressive when it comes to adding workers because of doubts about consumer spending. Economists surveyed by the news source had predicted that 170,000 would be added during April.
“Employment growth is slowing,” said David Sloan, an economist at 4Cast Inc. in New York, in an interview with Bloomberg. “The economy is growing at a fairly slow pace, though it’s sustainable.”
The federal government is hoping to increase employment with recent legislation. President Obama recently singed the JOBS Act – the Jumpstart Our Business Startup Act, which proponents say will help small businesses raise money.