jimnyc
06-01-2017, 12:59 PM
Private payrolls add 253K in May vs. 185K est.: ADP
Job creation surged in May thanks to a jump in construction positions and a boom in professional and business services, according to a report Thursday from ADP and Moody's Analytics.
Private payrolls increased by 253,000, well ahead of expectations. Economists surveyed by Reuters expected the report to show that private payrolls grew by 185,000 in May from 174,000 in April.
The growth "is three times the rate of the growth in the underlying labor force," Mark Zandi, the chief economist at Moody's Analytics, told CNBC. "So that means the unemployment rate, which is 4.4 percent, is quickly headed to 4 percent. This labor market is rip-roaring and getting really tight."
Services broadly led the way with 205,000 new jobs, with professional and business services contributing 88,000 — its best month in about three years — and education and health services adding 54,000.
Rest here - http://www.cnbc.com/2017/06/01/adp-private-sector-payrolls-may-2017.html
Private sector job growth rebounds to ‘rip-roaring’ pace in May, ADP says
Private-sector hiring surged in May, according to a report released Thursday.
Employers added a seasonally adjusted 253,000 during the month, payroll processor ADP said. Mark Zandi, chief economist for Moody’s Analytics, which helps produce the report, called job growth “rip-roaring.”
That was a much stronger pace of hiring than the Econoday consensus, which had called for 170,000 jobs. Economists watch ADP’s report for clues about the government’s monthly payroll data, due out Friday, though ADP has an imperfect record of forecasting the Labor Department’s numbers. The MarketWatch consensus for the government data is for a gain of 185,000 jobs.
Small businesses added 83,000 jobs in May, medium-sized businesses added 113,000, and large firms hired 57,000 workers.
April’s job gains, originally reported as 177,000, were revised down to 174,000.
Rest here - http://www.marketwatch.com/story/private-sector-job-growth-rebounds-to-rip-roaring-pace-in-may-adp-says-2017-06-01
Job creation surged in May thanks to a jump in construction positions and a boom in professional and business services, according to a report Thursday from ADP and Moody's Analytics.
Private payrolls increased by 253,000, well ahead of expectations. Economists surveyed by Reuters expected the report to show that private payrolls grew by 185,000 in May from 174,000 in April.
The growth "is three times the rate of the growth in the underlying labor force," Mark Zandi, the chief economist at Moody's Analytics, told CNBC. "So that means the unemployment rate, which is 4.4 percent, is quickly headed to 4 percent. This labor market is rip-roaring and getting really tight."
Services broadly led the way with 205,000 new jobs, with professional and business services contributing 88,000 — its best month in about three years — and education and health services adding 54,000.
Rest here - http://www.cnbc.com/2017/06/01/adp-private-sector-payrolls-may-2017.html
Private sector job growth rebounds to ‘rip-roaring’ pace in May, ADP says
Private-sector hiring surged in May, according to a report released Thursday.
Employers added a seasonally adjusted 253,000 during the month, payroll processor ADP said. Mark Zandi, chief economist for Moody’s Analytics, which helps produce the report, called job growth “rip-roaring.”
That was a much stronger pace of hiring than the Econoday consensus, which had called for 170,000 jobs. Economists watch ADP’s report for clues about the government’s monthly payroll data, due out Friday, though ADP has an imperfect record of forecasting the Labor Department’s numbers. The MarketWatch consensus for the government data is for a gain of 185,000 jobs.
Small businesses added 83,000 jobs in May, medium-sized businesses added 113,000, and large firms hired 57,000 workers.
April’s job gains, originally reported as 177,000, were revised down to 174,000.
Rest here - http://www.marketwatch.com/story/private-sector-job-growth-rebounds-to-rip-roaring-pace-in-may-adp-says-2017-06-01