U.S. private payrolls beat expectations in May-ADP
Source: Yahoo! Finance
U.S. private payrolls beat expectations in May-ADP
Reuters
Thu, June 1, 2023 at 8:26 AM EDT · 1 min read
WASHINGTON (Reuters) - U.S. private payrolls increased more than expected in May, suggesting that the labor market was slowing only gradually, which could result in the Federal Reserve keeping interest rates elevated for some time. ... Private payrolls increased by 278,000 jobs last month, the ADP National Employment report showed on Thursday. Data for April was revised slightly down to show 291,000 jobs added instead of 296,000 as previously reported. Economists polled by Reuters had forecast private employment increasing 170,000.
Job growth has slowed from last year's robust pace, but the labor market has remained resilient despite 500 basis points worth of interest rate hikes from the Fed since March 2022, when the U.S. central bank embarked on its fastest monetary policy tightening campaign since the 1980s to tame inflation.
The government reported on Wednesday that there were 10.1 million job openings at the end of April. There were 1.8 job openings for every unemployed person in April, up from 1.7 in March, and well above the 1.0-1.2 range that is considered consistent with a balanced labor market.
The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the Labor Department's Bureau of Labor Statistics' more comprehensive and closely watched employment report for May on Friday. ... According to a Reuters survey of economists, private payrolls likely increased by 165,000 jobs in May. With further gains anticipated in government employment, total nonfarm payrolls are forecast to have risen by 190,000 jobs last month after advancing 253,000 in April.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
No link yet.
It's the PR release from ADP. CNBC will have the story pretty soon.
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Original text:
ADP National Employment Report: Private Sector Employment Increased by 278,000 Jobs in May; Annual Pay was Up 6.5%
https://www.prnewswire.com/news-releases/adp-national-employment-report-private-sector-employment-increased-by-278-000-jobs-in-may-annual-pay-was-up-6-5-301839975.html
NEWS PROVIDED BY
ADP, Inc.
01 Jun, 2023, 08:15 ET
ROSELAND, N.J., June 1, 2023 /PRNewswire/ -- Private sector employment increased by 278,000 jobs in May and annual pay was up 6.5 percent year-over-year, according to the May ADP National Employment Report produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab ( "Stanford Lab" ).
The jobs report and pay insights use ADP's fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market. The report details the current month's total private employment change, and weekly job data from the previous month. ADP's pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period.
"This is the second month we've seen a full percentage point decline in pay growth for job changers," said Nela Richardson, chief economist, ADP. "Pay growth is slowing substantially, and wage-driven inflation may be less of a concern for the economy despite robust hiring."
May 2023 Report Highlights*
View the ADP National Employment Report and interactive charts at www.adpemploymentreport.com.
= new reply since forum marked as read
Published Thu, Jun 1 20238:15 AM EDT
Jeff Cox
@jeff.cox.7528
@JeffCoxCNBCcom
The U.S. labor market posted another month of surprising strength in May as companies added jobs at a pace well above expectations, according to a report Thursday from payroll processing firm ADP.
Private sector employment increased by a seasonally adjusted 278,000 for the month, ahead of the Dow Jones estimate for 180,000 and a bit lower than the downwardly revised 291,000 in April. May’s increase took the payroll growth so far in 2023 to 1.09 million.
The ADP report noted that the distribution of job grains was “fragmented” for the month, as increases were concentrated in leisure and hospitality, which added 208,000 positions, and natural resources and mining, which saw a gain of 94,000.
Construction added 64,000 jobs, but multiple other categories saw declines.
(snip)
https://www.cnbc.com/2023/06/01/private-payrolls-rose-by-278000-in-may-well-ahead-of-expectations-adp-says.html
And good morning!
since they are creating too many jobs 
As a new southerner, I definitely moved south to steal jobs. 
