US ADP private sector employment grew 978k in May, well above expectation of 695k. By company size, small businesses added 333k jobs, medium term businesses added 338k, large businesses added 308k. By sector, goods-producing jobs grew 128k, service-providing jobs grew 850k.
“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 pandemic and economy.”
