The April jobs picture could be better than current Wall Street expectations, according to Goldman Sachs economists.
That’s despite a report Wednesday indicating that companies added the fewest jobs in three years. Private payrolls grew just 156,000 in April, well below the economist consensus of 195,000, according to payroll services firm ADP and Moody’s Analytics.
Goldman experts, however, were unswayed by the ADP disappointment. The firm expects Friday’s nonfarm payrolls report to show growth of 240,000, well above the Street expectation for 200,000 and an upward revision to Goldman’s already bullish call for 225,000.
The reason: A separate report from the Institute for Supply Management that showed gains in the employment index.