According to the latest report by ADP, private hiring expanded rapidly in May.
The payroll processing firm reported that companies added 122,000 workers in May, up from 105,000 in April and surpassing an estimate of 110,000.
In the press release, ADP chief economist Nela Richardson said: “Hiring was more broad-based in May than we’ve seen in the last few years. The labor market continues to show sustained momentum going into the summer hiring season.”
Education and health services again topped the hiring chart with 57,000 new hires. Trade, transportation, and utilities also increased by 36,000, while professional and business services added 11,000. Both construction and leisure and hospitality sectors each grew by 8,000.
Information services lost 9,000, while natural resources and mining also reported a decline, down 3,000.
Companies with fewer than 50 employees hired 67,000 new workers, while those with 500 or more added 40,000, and medium-sized firms contributed 17,000.
On salary, annual pay increased by 4.4% for those remaining in their jobs, the same as in April, while job-switchers experienced a slight decrease in pay growth to 6.5%.
By CEO NA Editorial Staff
