ADP: 178 thousand jobs created in the private sector of the USA in May

Investing.com – ADP on Wednesday reported that in May in the private sector of the US the number of employed increased by 178 thousand people. This value turned out to be lower than the experts’ forecasts.

Economists predicted that the ADP report will show growth of 190 thousand jobs.

Data on the number of employed in April in the private sector of the US were revised downward to 163 thousand against a pre-determined value of 204 thousand.

“The warmed-up labor market in the US has cooled down a bit, although employment continues to grow,” said Vice President of the ADP Research Institute Ahu Yildirmaz. “Sectors of health care and the provision of professional services continue to be the main drivers of job growth in the labor market.”

According to the chief economist of Moody’s Analytics Mark Zandi: “The growth in the number of jobs continues to be high, although it is slowing down. Companies are not able to fill a record number of open vacancies. Accordingly, the growth of salaries is accelerating, especially for young people who are employed for the first time, and also for those who have changed their jobs. The number one problem for the US labor market was the search for suitable employees, “says Mark Zandi.

The ADP report is published before the official report of the US Department of Labor on employment outside the agricultural sector, which will be released on Friday and will contain data on both employment in the private sector and in public institutions.