US April ADP employment +192K vs +175K expected

  • ADP employment report for April 2024
ADP employment
  • Prior was +184K (revised to 208K)
  • Goods producing +47K
  • Service providing +145K

The median change in annual pay:

  • Job stayers 5.0% versus 5.1% last month
  • Job changers 9.3% versus 10.1% last month

Hiring was broad-based in April,” said Nela Richardson, chief economist, ADP. “Only the information sector – telecommunications, media, and information technology – showed weakness, posting job losses and the smallest pace of pay gains since August 2021.”

This is the highest reading since July (excluding the revision) but the reaction in the FX market was muted.

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