ADP Reports Still-Strong Labor Market; MA, EL Beat

Labor Market Overview - Private-sector payrolls for April increased by 192K, surpassing the consensus estimate of 183K, but down from the revised 208K in March, indicating a warming labor market [1] - The three-month average job growth is now higher than the previous six months, suggesting a positive trend in employment [1] Wage Growth Insights - Wage growth has moderated, with those remaining in their positions seeing a flat increase of 5%, while job changers experienced a decrease in wage growth to 9.3% from 10% in March [1] - The slower wage growth relative to job growth is viewed positively, as it alleviates concerns about rising wage costs [1] Job Creation by Company Size - Large companies (over 500 employees) contributed the majority of new jobs at 98K, while small companies (fewer than 50 employees) added the least at 38K, and medium-sized firms added 62K [2] - The Leisure & Hospitality sector led job creation with 56K new jobs, followed by Construction with 35K and Trade/Transportation/Utilities with 26K, indicating a trend towards industries requiring less formal education [2] Upcoming Economic Reports - The upcoming nonfarm payroll estimate is projected at 240K new jobs, reflecting a recovery from a sub-200K period late last year, with an average of 280K new jobs per month since December [3] - The March JOLTS report, Construction Spending for March, and ISM Manufacturing for April are expected to be released, along with the Federal Reserve's decision on interest rates [4] Company Earnings Reports - Mastercard reported Q1 earnings of $3.31 per share, exceeding expectations of $3.22, with revenues of $6.35 billion slightly above the consensus of $6.33 billion, but the stock fell 3% due to lowered guidance [5] - Estee Lauder's fiscal Q3 earnings of 97 cents per share significantly surpassed the anticipated 48 cents, with revenues of $3.94 billion slightly above projections, yet the stock declined 4% due to lowered guidance related to concerns in the Chinese market [5]