US ADP private employment grew 296k in April, well above expectation of 150k. By sector, goods-producing jobs rose 67k. Service-providing jobs rose 229. By establishment size, small companies added 121k jobs, medium companies added 122k, large companies added 47k.
Median change in annual pay of job-stayers rose 6.7% yoy, slowed slightly from 6.9% yoy. Median change in annual pay of job-changers rose 13.2% yoy, slowed notably from 14.2% yoy.
“The slowdown in pay growth gives the clearest signal of what’s going on in the labor market right now. Employers are hiring aggressively while holding pay gains in check as workers come off the sidelines. Our data also shows fewer people are switching jobs.” Nela Richardson, Chief Economist, ADP, said.
