US job growth flies past forecasts in May, ADP says
US job growth zoomed past economists' forecasts in May, led by strong gains in service sector hiring.
Private sector payrolls jumped by 253,000 last month, according to ADP, easily surpassing forecasts calling for an increase of 180,000.
Though not always prefectly correlated, Thursday's data was likely to stoke speculation of a strong reading the next day in the form of the official monthly US employment report.
It would likely also dispell any lingering doubts that the US central bank would opt to hike rates again when its top brass next met on 13-14 June.
Payrolls grew most quickly within services, where firms took on 205,000 more hires, with professional business services seeing the strongest growth, which hit 88,000.
Nevertheless, small declines were seen in Information (-8,000) and Leisure&Hospitality (-11,000).
In the goods side of the economy, companies added 48,000 staff, with Construction accounting for the bulk of that (37,000).