A freshly released report from payroll processor ADP indicates the private sector has added 253,000 jobs in May, far outpacing expectations and leading a chief Moody’s economist to declare that “job growth is rip-roaring.”
In other words, while Democrats are screaming about Russian scandals, the popular vote, and the secret meaning of ‘covfefe,’ President Trump has been implementing economic policies to spur the market and create jobs for the American people.
JOBS BOOM: Private sector adds 253,000 jobs in May, far surpassing expectations, according to ADP. https://t.co/etLkXRZAWT
— Fox News (@FoxNews) June 1, 2017
Fox Business reports:
Job gains in the private sector far outpaced expectations in May, payroll processor ADP said Thursday, adding to sentiment that the U.S. economy is seeing a rebound in the second quarter from a sluggish first three months of the year.
The private sector added 253,000 jobs last month, far outpacing Wall Street expectations for a gain of 185,000 jobs. Business services, which includes technical services, management and administrative and support services positions, saw its strongest monthly increase since 2014, adding 88,000 jobs for the month, boosting the overall service-providing sector to 205,000 net new jobs.
“Job growth is rip-roaring,” Mark Zandi, chief economist of Moody’s Analytics, said in a statement. “The current pace of job growth is nearly three times the rate necessary to absorb growth in the labor force. Increasingly, businesses’ number one challenge will be a shortage of labor.”
Here’s a nice visual representation of the jobs report from ADP (Note the numerous green, upward pointing arrows):
“May proved to be a very strong month for job growth,” Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, announced. “Professional and business services had the strongest monthly increase since 2014. This may be an indicator of broader strength in the workforce since these services are relied on by many industries.”
This comes on the heels of an upward trending April jobs report in which 211,000 jobs were created, and the unemployment rate fell to 4.4%.
One of President Trump’s signature campaign issues was a platform in which he vowed to restore the American economy by eliminating his predecessor’s numerous burdensome taxes and regulations.
Once he took office and unshackled American businesses, it’s no coincidence that the jobs market catapulted to “rip-roaring” levels.
Will we continue to see even more job growth under President Trump? Share your thoughts with us below.