6/1, 2:16 PM (Source: TeleTrader)
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ADP: US private payrolls surge by 278,000 in May

Private payrolls in the United States grew by 278,000 in May, the ADP National Employment Report showed on Thursday, surpassing expectations. Small establishments gained 235,000 employees, medium establishments added 140,000, while large establishments cut 106,000 jobs. Manufacturing and finance lost the most employees at 48,000 and 35,000 respectively.

Annual pay for job stayers was up 6.5% year-over-year in May, compared to 6.7% in April. Job changers saw a 12.1% increase in pay annually, down 1 percentage point from April. "Pay growth is slowing substantially, and wage-driven inflation may be less of a concern for the economy despite robust hiring," ADP Chief Economist Nela Richardson said.

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