US private payrolls surge by 978,000 in May

Private employers hired at an accelerated pace in May, driven by heightened demand amid a rapidly reopening US economy, but a lack of both workers and raw materials continued to weigh on the labour market's recovery.

Private payrolls increased by 978,000 jobs last month, according to ADP's national employment report on Thursday, marking the largest increase since June 2020, while data for April was revised down to show 654,000 jobs being added instead of the initially reported 742,000.

Economists were expecting a print of 650,000.