Printing a perfectly as-expected 173k rise in jobs for May, ADP Employment change offers hope for tomorrow's payrolls to give The Fed the go-ahead for a rate-hike. This is still the second lowest print since last September as manufacturing (and goods-producing) jobs fell once again.
A little hope for tomorrow…
But note that today's ADP report does not include the Verizon strike data which means that the 173k ADP print is likely higher than what tomorrow's payrolls print will be (by around 25-35k)
As ADP notes…
Payrolls for businesses with 49 or fewer employees increased by 76,000 jobs in May, down from an upwardly revised 101,000 in April. Employment at companies with 50-499 employees increased by 63,000 jobs, up from last month’s 39,000. Employment at large companies – those with 500 or more employees – increased by 34,000, up from April’s 25,000. Companies with 500-999 employees added 11,000 and companies with over 1,000 employees added 24,000 this month
"Job creation appears to have slowed as we move further into 2016,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “Challenging global conditions affecting hiring at large companies and a tightening labor market for skilled workers are among the factors that may be contributing to the slowdown.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth has moderated this spring as energy companies and manufacturers shed jobs. Retailers are also more circumspect in their hiring. Despite the recent slowdown, job growth remains strong enough to reduce underemployment.”
The charts:
Change in Nonfarm Private Employment
Change in Total Nonfarm Private Employment
Change in Total Nonfarm Private Employment by Selected Industry
And the full Breakdown in handy infographic form:
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