November 22, 2024 12:26 am
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Big growth in construction and professional and business services

By Jeff Cox | CNBC

Job creation surged in May thanks to a jump in construction positions and a boom in professional and business services, according to a report Thursday from ADP and Moody’s Analytics.

Private payrolls increased by 253,000, well ahead of expectations. Economists surveyed by Reuters expected the report to show that private payrolls grew by 185,000 in May from 174,000 in April.

The growth “is three times the rate of the growth in the underlying labor force,” Mark Zandi, the chief economist at Moody’s Analytics, told CNBC. “So that means the unemployment rate, which is 4.4 percent, is quickly headed to 4 percent. This labor market is rip-roaring and getting really tight.”

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