Private payrolls in the US surge by 192,000 jobs in April, surpassing expectations | Global News

Private payrolls in the U.S. exceeded expectations in April, with a report from ADP showing an increase of 192,000 jobs. This suggests that the labor market is maintaining its momentum as we enter the second quarter of the year.

The construction industry led the way in job creation, adding 35,000 new positions. Other sectors that saw growth included trade, transportation, and utilities, which added 26,000 jobs, and professional and business services, which saw an increase of 22,000 positions.

However, the information sector was the only industry that experienced a decline in hiring, shedding 4,000 jobs. Despite this, overall job growth across all industries was positive.

Wages for workers who stayed in their jobs increased by 5.0% year-on-year in April, slightly lower than the 5.1% rise seen in March. For those switching jobs, wages increased by 9.3%, down from a 10.1% rise in the previous month.

The ADP report, developed in collaboration with the Stanford Digital Economy Lab, provides an early indication of the state of the labor market ahead of the more comprehensive report from the Labor Department due later in the week.

Federal Reserve officials are expected to keep interest rates unchanged at their current range, reflecting the overall positive outlook for the economy. While some economists predict a potential slowdown in the labor market in the coming months, others believe that the Fed may not need to lower borrowing costs anytime soon.