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ADP: Private Employment Increased 128,000 in May

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by Calculated Risk on 6/02/2022 08:19:00 AM

From ADP:

Private sector employment increased by 128,000 jobs from April to
May according to the May ADP(R) National Employment ReportTM. Broadly
distributed to the public each month, free of charge, the ADP National Employment Report is produced by
the ADP Research Institute(R) in collaboration with Moody’s Analytics. The report, which is derived from
ADP’s actual data of those who are on a company’s payroll, measures the change in total nonfarm private
employment each month on a seasonally-adjusted basis

“Under a backdrop of a tight labor market and elevated inflation, monthly job gains are closer to pre-pandemic levels,” said Nela Richardson, chief economist, ADP. “The job growth rate of hiring has
tempered across all industries, while small businesses remain a source of concern as they struggle to
keep up with larger firms that have been booming as of late.”

emphasis added

This was below the consensus forecast of 280,000 for this report.

The BLS report will be released Friday, and the consensus is for 320 thousand non-farm payroll jobs added in April. The ADP report has not been very useful in predicting the BLS report, but this suggests a weaker than expected BLS report.

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