The U.S. economy added close to a million jobs during the month of May, according to a private monthly report Thursday from ADP and Moody’s Analytics.
The ADP-Moody’s jobs report said companies hired 978,000 workers last month.
The greatest growth was seen in mid-sized businesses (338,000), followed by small businesses (333,000) and large companies (308,000).
The total is the largest one-month growth shown in an ADP-Moody’s report since 4.3 million jobs in June 2020. Thursday’s report revised down April’s growth by about 60,000 jobs.
“Private payrolls showed a marked improvement from recent months and the strongest gain since the early days of the recovery,” ADP Chief Economist Nela Richardson said in a statement.
“While goods producers grew at a steady pace, it is service providers that accounted for the lion’s share of the gains, far outpacing the monthly average in the last six months.”
Most economists expected the report to show about 680,000 new jobs for May.
ADP and Moody’s said the leisure and hospitality (444,000), health services (119,000) and trade, transportation and utilities industries (118,000) showed significant growth.
The report said 850,000 of the new jobs came in the services sector.The Labor Department’s May jobs report will be released Friday. SOVEREIGNPH