Private sector employment in the U.S. increased by more than expected in the month of April, according to a report released by payroll processor ADP on Wednesday.
ADP said private sector employment shot up by 192,000 jobs in April after jumping by an upwardly revised 208,000 jobs in March.
Economists had expected private sector employment to climb by 175,000 jobs compared to the addition of 184,000 jobs originally reported for the previous month.
“Hiring was broad-based in April,” said ADP chief economist Nela Richardson. “Only the information sector – telecommunications, media, and information technology – showed weakness, posting job losses and the smallest pace of pay gains since August 2021.”
At 10 am ET, the Institute for Supply Management is scheduled to release its report on manufacturing activity in the month of April. The ISM’s manufacturing PMI is expected to edge down to 50.0 in April from 50.3 in March.
The Commerce Department is also due to release its report on construction spending in the month of March at 10 am ET. Construction spending is expected to rise by 0.3 percent in March after falling by 0.3 percent in February.
Also at 10 am ET, the Labor Department is scheduled to release its report on job openings in the month of March. Job openings are expected to decrease to 8.690 million in March from 8.756 million in February.
The Energy Information Administration is scheduled to release its report on oil inventories in the week ended April 26th at 10:30 am ET.
Crude oil inventories are expected to decrease by 2.3 million barrels after tumbling by 6.4 million barrels in the previous week.
The Federal Reserve is due to announce its latest monetary policy decision at 2 pm ET, followed by Fed Chair Jerome Powell’s post-meeting press conference at 2:30 pm ET.