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US private sector jobs up unexpectedly in May
NEW YORK - U.S. private-sector employers added 40,000 jobs in May, according to a private report on Wednesday by ADP Employer Services that defied Wall Street's expectations of a fall.
The ADP data release comes ahead of the government's monthly jobs report due on Friday, one of the biggest events on the monthly economic calendar. A Reuters poll shows analysts expect that to show non-farm payrolls fell by 58,000 in May.
Economists' median expectation for the May ADP jobs figure was for a drop of 30,000 jobs, according to a Reuters poll.
In April, ADP said, the private sector added 13,000 jobs, which was revised up from the previously reported 10,000.
On Wall Street, stock futures pared their losses after the ADP release. The dollar also trimmed its losses versus the euro EUR and yen JPY.
Government bonds, which usually perform better during weak economic times, shed their earlier gains.
"ADP has been inaccurate of late, overpredicting payrolls," said Cary Leahey, economist and managing director at Decision Economics in New York.
"That said, the increase of 40,000 jobs in the report will let the market conclude that the May payroll figure due this Friday will be flattish to slightly down, which would be stronger than expected and that explains this mild selloff in the bond market."
The report by ADP Employer Services was jointly developed with Macroeconomic Advisers LLC.
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