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Key US Services Price Gauge Falls To Four-Year Low
Markets needed an offset on Wednesday.
According to ADP, the annual rate of pay growth for Americans switching jobs in March was a scorching 10%, nearly double the rate for so-called "job stayers."
Although no one trades on ADP's pay growth figures (it's a relatively new series, introduced alongside a methodological change in 2022), the read-through was potentially concerning: The hotter wage growth runs, the higher the risk of a wage-price spiral, particularly in the services sector.
Mercifu
