Private sector employment exceeded expectations in May

Private sector employment growth in the US exceeded expectations, pointing to a resilient labor market that continues to support the economy.

According to ADP data, private sector employment in the USA increased by 278 thousand in May. The expectation of economists participating in the Bloomberg survey was that the increase would be 170,000.

According to the revised figures, the increase in April was 291 thousand.

While the entertainment and accommodation sector led the increase in May recruitment, there was an increase in the mining, construction, trade and transportation sectors.

Slow wage growth

According to the data of ADP, which analyzes the payrolls of more than 25 million US employees; A slowdown was observed in wage growth.

For those who continue to work at the same workplace, the increase in May was 6.5 percent compared to the previous year. For employees who changed their jobs, the annual wage increase was 12.1 percent, down 1 percentage point compared to the previous month.