Updated
Updated · mediacenter.adp.com · Jun 3U.S. Private Employers Add 122,000 Jobs in May as Pay Growth Holds at 4.4%
3 articles · Updated · mediacenter.adp.com · Jun 3Summary
- 122,000 private-sector jobs were added in May, with ADP saying hiring broadened across industries and company sizes heading into the summer season.
- Eight of 10 supersectors posted gains, services accounted for 114,000 of the increase, and the West led regional growth with 45,000 jobs.
- 67,000 jobs came from small establishments, compared with 17,000 at medium firms and 40,000 at large employers.
- 4.4% year-over-year pay growth for job-stayers was unchanged from April, while job-changers' pay gains eased to 6.5% from 6.6%.
- April's job gain was revised down to 105,000 from 109,000, leaving May's report as a modest acceleration in private hiring.
Insights
With pay raises failing to beat inflation, are new American jobs truly improving workers' financial security? The job market is stable but lacks momentum. Can the Fed control inflation without tipping the economy into recession? As AI creates and destroys jobs, is this technology ultimately a friend or foe to the average American worker?