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Thursday, June 03, 2021

ADP: Private Employment increased 978,000 in May

by Calculated Risk on 6/03/2021 08:20:00 AM

From ADP:

Private sector employment increased by 978,000 jobs from April to May according to the May ADP® National Employment ReportTM. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by the ADP Research Institute® in collaboration with Moody’s Analytics. 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.

“Private payrolls showed a marked improvement from recent months and the strongest gain since the early days of the recovery,” said Nela Richardson, chief economist, ADP. “While goods producers grew at a steady pace, it is service providers that accounted for the lion’s share of the gains, far outpacing the monthly average in the last six months. Companies of all sizes experienced an uptick in job growth, reflecting the improving nature of the panemic and economy.”
emphasis added
This was well above the consensus forecast of 650,000 for this report.

The BLS report will be released Friday, and the consensus is for 650 thousand non-farm payroll jobs added in May. The ADP report has not been very useful in predicting the BLS report.