ADP Employment Report Strong In April, But Tech Sector Lost Jobs
Thanks to an upward revision in March (from +184k to +208k), April’s ADP print was lower at +192k (beating expectations of +183k)…
Under the hood, practically everything was solid, with only the Information sector losing jobs…
„Hiring was broad-based in April. Only the information sector – telecommunications, media, and information technology – showed weakness, posting job losses and the smallest pace of pay gains since August 2021,” said Nela Richardson Chief Economist, ADP.
Wage growth slowed for both Job-Changers and Job-Stayers (but the former remains elevated)…
Finally, as a reminder, the ADP headline data has under-estmated the BLS magical print for eight straight months ahead of Friday’s data…
So, with this kind of labor market, can The Fed maintain the illusion of any rate-cuts at some point this year? What will Powell say today?
Tyler Durden
Wed, 05/01/2024 – 08:27