Private payrolls rose by 278,000 in May, well above expectations, according to the payroll services firm ADP on Thursday.
The numbers: U.S. private sector payrolls rose by 278,000 in May, according to the payroll services firm ADP on Thursday.Key details: The goods sector added 110,000 jobs in May, while the services sector added 168,000 workers.
Big... The numbers: U.S. private sector payrolls rose by 278,000 in May, according to the payroll services firm ADP on Thursday.Key details: The goods sector added 110,000 jobs in May, while the services sector added 168,000 workers. Big picture: The ADP data is doing a better job recently as a predictor of the government’s May jobs data, scheduled to be released Friday. It sets a tone for trading and thinking about the labor market. Economists expect the government to report employment, including government jobs, rose by 188,000 in May, down from 253,000 in the prior month.
Market reaction: Stocks DJIA SPX were set for a mixed open on Thursday. The yield on the 10-year Treasury note TMUBMUSD10Y rose to 3.66% after the data was released.
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