Private job growth for the month of May increased at its fastest speed in nearly a year, as private companies recruited 978,000 workers, according to a report published on Thursday by ADP, payroll processing firm.
It was a big increase from April month’s 654,000 and it is the largest gain since the 4.35 million new workers added in June 2020 as the country’s economy came out of pandemic lockdown.
The figures by ADP reported an increase in workers in the leisure and hospitality-related jobs. The leisure and hospitality industry was the most hurt due to government-induced lockdowns. This sector added almost 440,000 new jobs in the month of May.
Education and health services also added 139,000, although most new jobs came from health care. Trade, transportation, and utility sector added 118,000 new jobs. Professional and business services contributed 68,000 new jobs and the other services categories added 69,000 new jobs.
Overall, all the services added new jobs 850,000 jobs and the goods-producing side added 128,000 new jobs making a total of 978,000 new jobs.
Medium-sized businesses of 50-499 employees added 338,000 new jobs. Small firms recruited 338,000 and large companies added 308,000.
The Chief Economist of ADP, Richardson said that “Companies of all sizes experienced an uptick in job growth, reflecting the improving nature of the pandemic and economy”.
