Private sector job growth rises more than expected in April

In April, U.S. private sector job growth exceeded expectations, adding 192,000 jobs against a forecast of 175,000, according to the ADP National Employment Report. Despite high interest rates and inflation, the labor market showed resilience, although wage growth slowed, with annual pay increases at 5%. The leisure and hospitality sector led with 56,000 new jobs. The data comes ahead of the Labor Department's report, which is anticipated to show 243,000 new jobs for the same month.