ADP Reports 253000 New Jobs in May; 'Rip-Roaring' Growth

Jobs day is finally here.

Mark Zandi, chief economist of Moody's Analytics called the job growth "rip-roaring". The unemployment rate is expected to hold at 4.4 percent.

The dollar index, which measures the greenback against six major peers, increased 0.33 percent at 97.245 in late trading. That's going to continue to keep labor force participation flat, Zandi said.

That is the longest such stretch since 1970, when the labor market was smaller.

The ADP employment report showed 253,000 jobs were added in May, smashing economists' expectations for the creation of 185,000 jobs in the month.

He added that the federal payroll numbers "are based only on the survey of employers". Yahoo Finance's Nicole Sinclair also reported Thursday that the key to unlocking America's tight labor market could be hiring convicted felons, who are often disqualified from getting certain jobs.




The Institute for Supply Management (ISM) said its index of national factory activity ticked up to a reading of 54.9 last month from 54.8 in April. Economists surveyed by The Wall Street Journal expected an increase of 180,000. U.S. factory activity ticked up in May after slowing for two straight months and private employers stepped up hiring, suggesting the economy is regaining speed after struggling at the start of the year. They have now registered nine straight months of growth. Although initial claims for unemployment insurance increased last week to 248,000, the figure remains low and consistent with a healthy labor market.

"Mining has been one of the cornerstones of President Donald Trump's economic agenda, though critics doubt he can fulfill campaign promises to bring jobs back to the industry", writes Jeff Cox at CNBC. The firm notes that during the reference week for the May report, the four-week moving average for jobless claims was at its lowest for any survey week since July 1973. "The current pace of job growth is almost three times the rate necessary to absorb growth in the labor force".

"Two, withheld income tax receipts are tracking up close to 7% compared to a year ago, which points to rising income growth".

ADP's report comes ahead of Friday's employment situation report.

Forecasts from Fed officials suggest that a median of two more hikes are planned before the end of the year.

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