Private payrolls soar in April despite Fed tightening, but wage growth slows

Private payrolls rose solidly by 296,000 last month, beating estimates and showing strength despite the Federal Reserve's efforts to slow down growth.
The leisure and hospitality industry drove most of the new hiring.
Annual wage growth slowed to 6.7%, the lowest since November, suggesting the job market may finally be cooling.
The data will be closely watched by policymakers ahead of an expected interest rate hike this week.
Private payrolls have increased for 19 months in a row, as companies still report more than 1.6 open jobs for every unemployed worker.