The HPW Index ticked down from a revised value of -0.03 in March to -0.14 in April.

• The fall in the index was driven by a lower quits rate, while vacancies per effective searcher increased slightly.
• The monthly index is consistent with a pace of ECI wage growth of 0.72 percent, which was exactly the growth in 2026Q1. This pace is consistent with annual wage growth of 2.91 percent.