Latest Reports: Slow But Improving Job Growth [AUDIO]
Economists are focused on the pace of hiring this week, with a pair of pivotal jobs reports.
Payroll processor ADP reported companies added 191,000 jobs during March, the strongest growth in three months, but still not robust. Still, many believe the economy has emerged from its winter slumber.
Patrick O'Keefe, director of economic research at CohnReznick in Roseland, said part two of this week's findings will come Friday from the U.S. Department of Labor.
"Overall, what the ADP report points out, and what we expect to see from BLS (Federal Bureau of Labor Statistics) on Friday, is that the jobs recovery continues," O'Keefe said.
O'Keefe agrees with those who say a big positive in the ADP report was the variety of jobs created during March. Many different job sectors were represented in the hiring numbers, including construction and manufacturing, trade, financial and professional services.
He says the latest take on New Jersey is that the state actually lost some jobs, but our job recovery will continue to plod slowly upward.
Friday's BLS reports will measure both private hiring and government jobs. The ADP report measured only the private sector.