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Wednesday, June 04, 2014

ADP: Private Employment increased 179,000 in May

by Calculated Risk on 6/04/2014 08:21:00 AM

From ADP:

Private sector employment increased by 179,000 jobs from April to May according to the May ADP National Employment Report®. ... he 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.
...
Mark Zandi, chief economist of Moody’s Analytics, said, "Job growth moderated in May. The slowing in growth was concentrated in Professional/Business Services and companies with 50-999 employees. The job market has yet to break out from the pace of growth that has prevailed over the last three years.”
This was below the consensus forecast for 210,000 private sector jobs added in the ADP report. 

Note: ADP hasn't been very useful in directly predicting the BLS report on a monthly basis, but it might provide a hint. The BLS report for May will be released on Friday.