The May ADP National Employment Report reveals a gain of 152,000 jobs in the private sector, accompanied by a notable 5.0% year-over-year increase in pay. Produced by the ADP Research Institute in collaboration with the Stanford Digital Economy Lab, this report offers a high-frequency view of the U.S. labor market based on anonymized payroll data of over 25 million employees.
- Comprehensive Job and Pay Insights:
- ADP’s fine-grained payroll data provides a detailed overview of private-sector employment changes.
- The report highlights both monthly job gains and annual pay growth, offering a nuanced understanding of the labor market dynamics.
- High-Frequency, Real-Time Measure:
- Utilizing continuously updated payroll databases, the report provides near real-time insights into U.S. employment trends.
- ADP’s unique pay measure captures earnings data from nearly 10 million employees over a 12-month period, enhancing the accuracy of labor market assessments.
- Chief Economist’s Analysis:
- Nela Richardson, chief economist at ADP, comments on the observed trends, noting a slowdown in job gains and pay growth as the year progresses.
- Richardson identifies pockets of weakness in both producer and consumer sectors, signaling areas for further monitoring and analysis.
The May ADP National Employment Report offers valuable insights into the evolving landscape of the private-sector labor market, highlighting trends in job gains and pay growth. Chief Economist Nela Richardson’s analysis provides context for emerging patterns, guiding stakeholders in navigating the dynamics of the current economic environment.
