MarketMinute | Rates and new home sales improve
ADP reports private payrolls rose 109K in April, up from 61K in March and well above expectations, signaling labor market strength. The New York Fed found lower-income consumers are cutting spending to offset higher gas prices. Wealthier households have changed habits little. The JOLTS report shows a 3.5% growth in the hiring rate for March, the best since May 2024. The rate had fallen near pandemic levels in February. Constrained supply of existing homes and modest rate improvement pushed new...
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