Private payrolls grew by 122,000 in May, stronger than expected, ADP reports

Summary

Joe Kernen reports the May ADP payrolls data, which came in at 122,000 private sector jobs, above the 110,000 estimate. Hiring was broad-based across services sectors, and wage growth figures were also noted. The report comes ahead of the official government jobs report on Friday. No specific investment ideas or trades were discussed.

• ADP reported 122,000 private sector jobs in May, beating the estimate of 110,000.
• Services sector drove the gains with 114,000 jobs added.
• Largest increases came from education/health services, trade/transportation/utilities, and leisure/hospitality.
• Wage growth for job stayers was 4.4% year-over-year; job changers saw 6.5% growth.
• The 10-year Treasury yield remained at 4.40% after the report.
• The data precedes the official nonfarm payrolls report due on Friday.
• No explicit trading ideas or investment recommendations were made.