The national payroll company ADP released their job data for the month of May. ADP reports an increase of 179,000 jobs in the private sector, a number that is slightly less than expected. Small business jobs accounted for the single biggest sector of growth, adding an approximate 82,000 jobs. Carlos Rodriguez, the president of ADP issued a press release on the data saying:
“After a strong post-winter rebound in April, job growth in May slowed somewhat. The 179,000 jobs added figure is higher than May of last year and in line with the average over the past twelve months.”
Rodriguez seems to point out that while growth was slow in May, the numbers are still in line with the overall projections of the past year. Others are not as optimistic about the numbers. Forbes reports that:
Mark Zandi, chief economist of Moody’s Analytics — which helps ADP compile the payroll report — stated Wednesday that “job growth moderated in May” and that the month’s results — including the concentrated increase in professional/business services — indicate that “the job market has yet to break out from the pace of growth that has prevailed over the last three years.”
The impact this data has on consumers appears to be minimal. These numbers suggest that though growth was slower than expected, the overall unemployment situation appears to not have drastically changed, making it so that the average consumer will see little change in their daily lives. Additional unemployment figures will be released by the Bureau of Labor and Statistics in the upcoming days, providing further clarification on the current national unemployment situation and its impact on consumers.
Read The ADP Report
Read more here- “ADP Says Private Sector Added 179K Jobs In May, Less Than Expected” (Maggie McGrath, Forbes)