by Calculated Risk on 6/05/2019 08:19:00 AM
Wednesday, June 05, 2019
Private sector employment increased by 27,000 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.This was well below the consensus forecast for 175,000 private sector jobs added in the ADP report.
“Following an overly strong April, May marked the smallest gain since the expansion began,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Large companies continue to remain strong as they are better equipped to compete for labor in a tight labor market.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth is moderating. Labor shortages are impeding job growth, particularly at small companies, and layoffs at brick-and-mortar retailers are hurting.”
The BLS report will be released Friday, and the consensus is for 180,000 non-farm payroll jobs added in May.
Posted by Calculated Risk on 6/05/2019 08:19:00 AM