📍ADP April: U.S. private employment increases for the 10th consecutive month

📌U.S. private sector +109K jobs in April, below the forecast of 120K, but still the largest increase since 01/2025. March data was slightly revised from +62K to +61K.
-> This is the 10th consecutive month of growth, indicating the U.S. labor market remains stable, even though the pace of hiring has cooled.
📌 Services continue to be the main support +94K, only professional/business services -8K. The professional/business services group typically reflects demand for office, consulting, administrative, and cyclical-sensitive positions.

📌 Hiring by company size:
- Small businesses: +65K
- Medium businesses: +2K
- Large businesses: +42K
📌 Wage growth for employed workers slightly slowed to +4.4% YoY, down from +4.5% last month.
Employment is still increasing, but wages are not keeping pace, easing some inflationary pressures next month. The ADP data for April is just strong enough, giving the Fed grounds to adopt a more hawkish stance.