Friday, June 4, 2010

ADP Employment Report: Private Payrolls Up 55,000

In May, according to the ADP Employment Report, private sector payrolls rose by 55,000. This followed an upwardly revised increase of 65,000 over the month of April (previously an increase of 32,000). May’s rise was the fourth consecutive improvement; however, payroll gains continue to only be modest. In order to drive down the unemployment rate, total payrolls will need to grow at a pace much faster than what is currently occurring.

The increase over the month was driven by growth of service sector jobs, which increased by 78,000. Manufacturing added 15,000 jobs; however, goods producing jobs as a whole still fell by 23,000, driven down by construction and resource extraction industries.

10.06.03 (Source: Automatic Data Processing)

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