ADP Jobs Report: Economy Adds 179,000 Jobs in May
Private companies added 179,000 jobs last month, according to The ADP National Employment Report. That’s less than the median prediction of 210,000 jobs offered by economists surveyed by Bloomberg.
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“After a strong post-winter rebound in April, job growth in May slowed somewhat,” says Carlos Rodriguez, president and chief executive officer of ADP. “The 179,000 jobs added figure is higher than May of last year and in line with the average over the past twelve months.”
Small businesses with under 50 employees added the most, with gains of 82,000 jobs. Large businesses with 500 or more employees added the least, with 37,000 jobs.
“Job growth moderated in May. The slowing in growth was concentrated in Professional/Business Services and companies with 50-999 employees,” says Mark Zandi, the chief economist at Moody’s Analytics, which compiles the ADP report. “The job market has yet to break out from the pace of growth that has prevailed over the last three years.”
Economists are expecting Friday’s Employment Situation Report from the Bureau of Labor Statistics to show a gain of 210,000 jobs — not the whopping 288,000 jobs that caught analysts by surprise in April, but a potential sign of continued growth.
The PayScale Index predicts a 0.8 percent growth in wages for the second quarter. The first quarter of 2014 showed a 0.5 percent growth in wages.
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