US Private Sector Hiring Blows Past All Estimates
US private sector employers added 278,000 jobs in May, data released on Thursday showed.
The blockbuster print blew away consensus and exceeded every estimate from nearly three-dozen economists who ventured a guess. The highest projection was 250,000.
ADP's figures haven't been the most reliable guide for the government's nonfarm payrolls report in the pandemic era, but Thursday's data certainly nodded in the direction of another hot NFP headline on Friday.
April's ADP headline was revised
It’s a fascinating thing watching demographic shifts in realtime. The Baby Boomers are exiting the workforce and there are a lot of them that will continue to exit each year. Since QE and then Covid it seems fewer feel the need to “downsize” their homes, but they do need medical care, restaurants, trips, services, etc.
I predict this is the new normal for another decade.