BLS Says Finance Lost 22,000 May Jobs as ADP Shows 7,000 Gain
Updated
Updated · Global Finance · Jun 5
BLS Says Finance Lost 22,000 May Jobs as ADP Shows 7,000 Gain
3 articles · Updated · Global Finance · Jun 5
Summary
A 29,000-job gap split the May picture for U.S. financial employment, with BLS reporting a 22,000 decline while ADP estimated a 7,000 increase.
BLS said the biggest losses came in insurance carriers and related activities, down 10,700, followed by credit intermediation at 4,800 and securities-related businesses at 4,600.
ADP still showed finance lagging most industries even in growth, adding 7,000 jobs versus 57,000 in education and health services and 36,000 in trade, transportation and utilities.
Across the broader labor market, BLS reported 172,000 nonfarm jobs added in May while ADP estimated 122,000 private-sector gains, reflecting the agencies' different survey and payroll-based methodologies.
Bank of America Institute said wage growth firmed but urged caution, with higher-income pay slowing to 5.6% year over year and lower-income wages rising 3.1%.