ADP private payrolls surge more than expected
(Mario Tama/Getty Images)
US private payrolls jumped by 253,000 in May, according to the monthly report from ADP Research Institute.
Economists had forecast 180,000 jobs, according to Bloomberg.
Hiring increased in every goods-producing sector including mining and manufacturing, the report showed. In services, only information and leisure and hospitality had declines.
"Professional and business services had the strongest monthly increase since 2014," said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, in the release. "This may be an indicator of broader strength in the workforce since these services are relied on by many industries."
ADP's report came ahead of official jobs report on Friday, which is forecast to show that nonfarm payrolls increased by 180,000.
"Keep in mind that the payroll data is collected the week of May 12th, while ADP is based on end-of-month data," said Ward McCarthy, the chief financial economist at Jefferies. "This makes the ADP especially vulnerable to a divergence from payrolls in months when the survey period is early, as was the case in May."
(ADP)
(ADP)
NOW WATCH: China built a $350 million bridge that ends in a dirt field in North Korea
More From Business Insider
