US ADP May employment +278K vs +170K expected | Forexlive

• Prior was +296K (revised to +291K)

Details:

• small (less than 50 employees) +K vs +121K prior
• medium firms (500 – 499) +K vs +122K prior
• large (greater than 499 employees) +K vs +47K prior

The previous number was the best since June 2022 and this is only a slight dip. The US dollar is stronger across the board but there’s a small silver lining for the Fed here as the report says that wage-driven inflation may be less of a concern.

“This is the second month we’ve seen a full percentage point decline in pay growth for job changers,” said ADP’s chief economist. “Pay growth is slowing substantially, and wage-driven inflation may be less of a concern for the economy despite robust hiring.”