Jobs data from ADP/Yield response, Treasury issuance

ADP said private sector job adds totaled 192k in April, just above the estimate of 183k and compares with 208k in March, revised up from 184k. Medium and large businesses drove most of the hiring. 

Service sector job growth of 145k was again led by a 56k person increase in leisure/hospitality. This was followed by a 26k increase for both education/health services and trade/transportation/utilities. Net hiring was also seen for professional/business services and in the financial sector. Jobs were shed in 'information' by 4k which includes tech, telecom and media. 

On the goods side, construction again led the way, growing its payroll by 35k. We know many of this is due to the government encouraged infrastructure and manufacturing facility construction. manufacturing hiring totaled 9k. 

On the pay side, after jumping in March, wages for 'job changers' were up a still robust 9.3% y/o/y vs 10% and 7.6% in the month before that. Wage growth for 'Job stayers' rose 5% vs 5.1% in the month before. These are still pretty good growth rates.