by Calculated Risk on 6/04/2014 08:21:00 AM
Wednesday, June 04, 2014
ADP: Private Employment increased 179,000 in May
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.This was below the consensus forecast for 210,000 private sector jobs added in the ADP report.
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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.”
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.