The private sector U.S. continued to add workers 178,000 jobs in May, according to a Wednesday report by ADP, American provider of human resources management software and services. The growth is safely ahead of April’s 163,000 figure.
The improvement was improving across industries and size of business. Firms with the number of employees from 50 to 499 (medium) added 84,000 jobs, large businesses – 56,000 and small companies added 38,000 employees, the
In sectoral terms, there were 61,000 new professional- and business-services jobs, 39,000 new jobs in construction payrolls, 35,000 – positions in health and education. Leisure and hospitality had 33,000 new openings in, Market Watch said.
Trade, transportation and utilities lost 23,000 jobs in May.
Employment growth is quite impressive against the 18-year low of 3.8 percent unemployment rate. Companies continue to report finding it difficult to add qualified candidates, with such statements born out by the high number of job openings.
“Overall, the U.S. economy looks strong. In that environment, we still expect the Fed to hike interest rates an additional three times this year,” said Paul Ashworth, chief economist at Capital Economics in Toronto.
“The hot job market has cooled slightly as the labor market continues to tighten,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
After Tuesday’s rout on concerns over Italy, there were opening gains for the Dow Jones Industrial Average DJIA, -1.02% and the broader S&P 500 SPX, -0.69%.