02:57 PM EDT, 04/30/2025 (MT Newswires) -- ADP private payrolls rose by 62,000 in April after a 147,000 gain in March.

The services sectors added 34,000 jobs, led by a 27,000-jobs increase in leisure and hospitality hiring.

Goods sector payrolls rose by 26,000 jobs, with construction payrolls up 16,000 and manufacturing payrolls up 4,000.

Personal income was up 0.5% in March, lifted by a 0.5% gain in wage and salaries and increases in the other income categories except for a decline in transfer receipts.

Personal consumption expenditures rose by 0.7% in March after a 0.5% increase in February, lifted by gains in both goods and services spending.

The PCE price index held steady in the month, so real consumption was also up 0.7% in March after a 0.1% increase in February. The year-over-year rate for the overall price index slowed to 2.3% from 2.7%

Core PCE prices were flat in the month while the year-over-year rate slowed to 2.6% from 3%.

The advance estimate of Q1 GDP showed a 0.3% decline after a 2.4% gain in the previous quarter, with Q1 PCE up 1.8% after a 4%.

A sharply wider trade gap and a drop in government spending were the key factors, offset by a surge in inventories and firms stocked up ahead of tariffs.

The GDP price measures showed larger-than-expected increases.

The employment cost index rose by 0.9% in Q1 after a 0.9% gain in Q4, reflecting a 0.8% increase in wages and a 1.2% gain in benefits costs.

The National Association of Realtors' pending home sales index rose by 6.1% in March, well above expectations and a second straight gain. NAR attributed the increase to a drop in mortgage rates. Pending sales were down 0.6% from a year earlier.

The NAR's existing-home sales data for April are scheduled for release on May 22.

The Chicago PMI fell to 44.6 in April from 47.6 in March, the last regional manufacturing reading for the month. The ISM's national index is due to be released on Thursday.

The initial Q2 GDPnow estimate from the Atlanta Fed is for a 2.4% gain. The next estimate is scheduled for Thursday.

The Mortgage Bankers Association reported a 4.2% drop in mortgage applications in the week ended April 25 after a 12.7% decline in the previous week. Refinancing activity and new home applications both fell while mortgage rates were roughly steady. MBA noted the negative impact of economic uncertainty and labor market weakness.

Total crude oil inventories fell by 1.6 million barrels in the week ended April 25, with commercial oil inventories down 2.7 million barrels and stocks in the US Strategic Petroleum Reserve rose by 1.1 million barrels. Gasoline inventories rose while distillate inventories declined.