First Look at May: ADP Says 978K New Nonfarm Private Jobs
The economic mover and shaker this week is Friday's employment report from the Bureau of Labor Statistics. This monthly report contains a wealth of data for economists, the most publicized being the month-over-month change in Total Nonfarm Employment (the PAYEMS series in the FRED repository).
This morning we have the ADP May estimate of 978K nonfarm private employment jobs gained, an increase over the ADP revised April figure of 654K.
The 978K estimate came in above the Investing.com consensus of 650K for the ADP number.
The Investing.com forecast for the forthcoming BLS report is for 6003K private nonfarm jobs gained and the unemployment rate to remain drop to 5.9%. Their forecast for the May new full nonfarm jobs is (the PAYEMS number) 650K.
Here is an excerpt from today's ADP report press release:
“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.”
Here is a visualization of the two series over the previous twelve months.
The next update to this report will be on June 30.
Here's our list of monthly employment updates: