Private job growth for May accelerated at its fastest pace in nearly a year as companies hired 978,000 workers, according to a report Thursday from payroll processing firm ADP.
It was a big jump from April’s 654,000 and the largest gain since the 4.35 million added in June 2020 as the national economy came out of its Covid-19 lockdown. Economists surveyed by Dow Jones had been looking for 680,000 in May.
The April total was revised sharply lower from the initially reported 742,000.
ADP’s private payroll count, done in conjunction with Moody’s Analytics, serves as a precursor to Friday’s more closely watched nonfarm payrolls data from the Labor Department. However, the two numbers can differ…