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Private sector hiring in the United States saw a significant increase in May, with 122,000 new jobs added, according to the ADP National Employment Report. This figure surpasses both the 105,000 jobs added in April and the market prediction of 110,000. The growth marks the strongest hiring numbers since January of last year.
The education and health services sectors led the way, contributing 57,000 new hires. This was followed by the trade, transportation, and utilities sectors, which added 36,000 jobs. Other sectors, such as professional and business services, also showed growth, adding 11,000 positions.
This data is crucial as the Federal Reserve prepares for its policy meeting later this month, where it is expected to maintain current interest rates.
The ADP report, produced in collaboration with the Stanford Digital Economy Lab, provides an independent view of the labor market based on payroll data from over 26 million employees.