The private sector added 978,000 jobs in May, many more than economists predicted. What that means for the broader economy:
The numbers: U.S. private-sector employment surged by 978,000 in May, according to the ADP National Economic Report released Thursday. The gain was well above forecasts from economists surveyed by the Wall Street Journal who expected a gain of 680,000 jobs.
Big picture: Economists expect a rebound in the Labor Department’s May nonfarm payrolls, due Friday, after a surprisingly subdued 266,000 gain in April on a seasonally adjusted basis. The ADP survey is a poor bellwether month-to-month historically for the government’s official employment report, but they are both moving in the same direction this year.
What happened: In the ADP data, the service sector added the lion’s share of the May increase, adding 850,000 jobs. The goods producing sector added 128,000. Manufacturing firms added 52,000 workers.
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