ADP Employment Report Strong In April, But Tech Sector Lost Jobs

May 1, 2024   |   Tags:
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


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