Wednesday, May 30, 2018

ADP: Private Employment increased 178,000 in May

by Bill McBride on 5/30/2018 08:24:00 AM

From ADP:

Private sector employment increased by 178,000 jobs from April to May according to the May ADP National Employment Report®. ... The report, which is derived from ADP’s actual payroll data, measures the change in total nonfarm private employment each month on a seasonally-adjusted basis.
...
“The hot job market has cooled slightly as the labor market continues to tighten,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Healthcare and professional services remain a model of consistency and continue to serve as the main drivers of growth in the services sector and the broader labor market as well.”

Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth is strong, but slowing, as businesses are unable to fill a record number of open positions. Wage growth is accelerating in response, most notably for young, new entrants and those changing jobs. Finding workers is increasingly becoming businesses number one problem.”
This was slightly below the consensus forecast for 186,000 private sector jobs added in the ADP report. 

The BLS report for May will be released Friday, and the consensus is for 185,000 non-farm payroll jobs added in May.