Thursday, June 01, 2017

#TrumpSpring: 250K jobs added in May, says ADP

The Donald Trump boom continues.

From USA Today:
Businesses added 253,000 jobs in May, payroll processor ADP said Thursday, possibly heralding a second straight month of solid hiring in the government's employment report this week.

Economists surveyed by Bloomberg expected ADP to tally 180,000 private-sector job gains. They expect the Labor Department on Friday to count 180,000 new positions in the public and private sectors.

ADP tries to predict Labor's reading but has varied from it by a median of 32,000 the past two years, according to High Frequency Economics. Unlike Labor’s report, ADP doesn't account for the weather-related volatility that skewed payroll totals the first four months of the year. That's because ADP counts workers as employed as long as they're on the payroll while Labor includes them only if they show up for work during the week it conducts its survey.

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