US private payrolls grew by 122,000 in May, stronger than expected, ADP reports
US private payrolls rose by 122,000 jobs in May, beating economists' expectations, according to the ADP report. The data suggests the labor market remains resilient as the Federal Reserve reassesses its interest-rate path.
CNBC Top NewsAccording to ADP's May report, 122,000 jobs were added to private payrolls. CNBC reported that a Dow Jones economist survey had forecast roughly 110,000 jobs, with the actual figure coming in above that estimate.
ADP chief economist Nela Richardson said employment in services remained strong while manufacturing was still under pressure. Richardson told CNBC that wage growth has settled into a more moderate path.
The report serves as a leading indicator ahead of the Federal Reserve's policy decision due in the coming weeks. The official employment release on Friday will offer a more definitive picture. KPM Asset Management strategist Jeremy Schwartz said the data weakens the case for a near-term rate cut. This article is not investment advice.
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