US private payrolls beat estimates in May, mark biggest rise in a year: ADP

US private employers stepped up hiring in May, spurred by robust demand amid a rapidly reopening economy, but shortages of workers and raw materials continued to loom over the labor market recovery.
 

Private payrolls increased by 978,000 jobs last month, the ADP National Employment Report showed on Thursday, the biggest increase since June last year. Data for April was revised down to show 654,000 jobs added instead of the initially reported 742,000. Economists polled by Reuters had forecast private payrolls would increase by 650,000 jobs.
 

The ADP report is jointly developed with Moody's Analytics and was published ahead of the