US companies were hiring at a strong pace in April, indicating strong demand for employees in many industries. According to the ADP report, the number of people employed in the private sector increased by 192,000 in April, higher than expected, and last month's data was revised upward. Over the past few months, the labor market has remained more elastic than economists expected. Despite rising interest rates, demand for workers has been healthy and unemployment is low, which helps to stimulate consumer spending and keep prices rising. Furthermore, wage growth is slowing. The wages of those who changed jobs rose 9.3%, down almost a percentage point from the previous month. The median wage for employees who did not leave the workforce rose by 5%, similar to the increase in March.