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Private payrolls grew by 122,000 in May, stronger than expected, ADP reports
ADP said hiring was broad-based, with eight of 10 sectors adding jobs and pay for job-stayers rising 4.4% from a year earlier.
- On Wednesday, ADP reported private sector companies added 122,000 jobs in May, exceeding the Dow Jones consensus estimate of 110,000 and marking the strongest month since January 2025.
- Unlike previous months where growth concentrated in healthcare, eight of 10 tracked sectors reported gains in May, while April's payroll figures were revised downward to 105,000 jobs.
- Small companies with fewer than 50 employees led with 67,000 new hires, while education and health services added 57,000 positions and large firms with 500 or more employees contributed 40,000.
- Markets anticipate the Federal Reserve will hold benchmark interest rates between 3.5% and 3.75% during its June 16-17 meeting, while investors await the Labor Department's comprehensive nonfarm payrolls report on Friday.
- Annual pay for employees staying in their jobs rose 4.4%, matching April figures, while compensation for job-switchers edged down to 6.5%, revealing divergent wage growth patterns.
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Private Hiring Tops Forecasts As U.S. Employers Add 122,000 Jobs In May
ADP said private employers posted their strongest monthly payroll gain since January 2025, with hiring spread across most major industries. The post Private Hiring Tops Forecasts As U.S. Employers Add 122,000 Jobs In May first appeared on [your]NEWS.
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