WASHINGTON (AP) — U.S. companies hired in April at the slowest pace in nearly a year and a half, a private survey found, as the strong dollar dragged down overseas sales and energy companies cut back on spending in the face of lower oil prices.
Payroll processor ADP said Wednesday that businesses added just 169,000 jobs in April, down from 175,000 in the previous month. That was the fewest since January 2014. March’s total was revised down from 189,000.
The weak showing could raise fears that the economy is slipping into a period of sluggish growth, after expanding at a healthy pace for most of last year.