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