U.S. Private Sector Job Growth Far Exceeds Estimates In May

RTTNews | 819 days ago
Stocktwits
U.S. Private Sector Job Growth Far Exceeds Estimates In May

(RTTNews) - Private sector employment in the U.S. jumped by much more than expected in the month of May, according to a report released by payroll processor ADP on Thursday.

The report said private sector employment shot up by 278,000 jobs in May after surging by a revised 291,000 jobs in April.

Economists had expected private sector employment to increase by 170,000 jobs compared to the spike of 296,000 jobs originally reported for the previous month.

ADP noted jobs gains were fragmented last month, with leisure and hospitality, natural resources, and construction taking the lead, while manufacturing and finance lost jobs.

The report also said small establishments added 235,000 jobs and medium establishments added 140,000 jobs, but large establishments cut 106,000 jobs.

Additionally, ADP said pay growth saw a broad-based slowdown during the month, with pay growth for job changes slumping to 12.1 percent in May from 13.1 percent in April. Pay growth for job stayers also slowed to 6.5 percent from 6.7 percent.

"This is the second month we've seen a full percentage point decline in pay growth for job changers," said ADP chief economist Nela Richardson. "Pay growth is slowing substantially, and wage-driven inflation may be less of a concern for the economy despite robust hiring."

On Friday, the Labor Department is scheduled to release its more closely watched report on employment in the month of May.

Economists currently expect employment to increase by 190,000 jobs in May after jumping by 253,000 jobs in April, while the unemployment rate is expected to inch up to 3.5 percent from 3.4 percent.

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