Private Survey: Companies added a solid 253000 jobs in May

02 June, 2017, 02:08 | Author: Darnell Patrick

United States private employers stepped up hiring in May, signaling that the labour market was rapidly tightening amid a firming economy.

Minutes of the Fed's May 2-3 policy meeting, which were published last week, showed that while policymakers agreed they should hold off hiking rates until there was evidence the growth slowdown was transitory, "most participants" believed "it would soon be appropriate" to raise borrowing costs.

A Labor Department official said claims for California, Hawaii, Kansas, Kentucky, Louisiana, North Dakota, Texas and Virginia were estimated because of the Memorial Day holiday on Monday.

June 1 (Reuters) - U.S. stocks trimmed gains but remained higher on Thursday as investors turned their focus to the monthly employment data on Friday, after better-than-expected private sector hiring pointed to strength in the labor market.

"Given the strong argument that this labor market is going to get really tight, wage growth should pick up much more meaningfully as we make our way through the year into 2018", Zandi said in a call to reporters, per Reuters.

Economists had expected an increase of about 185,000 jobs compared to the addition of 177,000 jobs originally reported for the previous month.

The unemployment rate is forecast to stay steady at the 4.4 percent recorded a month earlier.


"More than anything it is employment data driven, it was such a resounding uptick over expectations", said Paul Springmeyer, investment managing director at the Private Client Reserve at U.S. Bank in Minneapolis, Minnesota.

It was the 117th week in a row that claims were below 300,000, a threshold associated with a healthy labour market. Large businesses added 57,000 jobs.

The U.S. central bank said "most" districts had cited worker shortages across a broadening range of occupations and regions.

The Dow Jones Industrial Average .DJI rose 135.53 points, or 0.65 percent, to end at 21,144.18, the S&P 500 .SPX gained 18.26 points, or 0.76 percent, to 2,430.06 and the Nasdaq Composite .IXIC added 48.31 points, or 0.78 percent, to 6,246.83.

The claims report also showed the number of people still receiving benefits after an initial week of aid fell 9,000 to 1.92 million in the week ended May 20. The so-called continuing claims now have been below 2 million for seven straight weeks, pointing to shrinking labor market slack.

A fourth report by global outplacement consultancy Challenger, Gray & Christmas showed layoffs announced by USA -based employers surged 41 percent to 51,692 in May.

Recommended:

  • LIGO opens new windows into universe with third detection of gravitational waves

    LIGO opens new windows into universe with third detection of gravitational waves

    LIGO has made three detections of gravitational waves since September 2015 , with the third being announced today (June 1). Before colliding, the binary black holes spotted earlier this year weighed in at 19 and 31 times our sun's mass.
    The Note: The White House staff shakeup begins

    The Note: The White House staff shakeup begins

    Mr Trump has privately pinned some of the blame for his administration's rough start on the White House's communications strategy. Trump senior adviser Kellyanne Conway suggested on Fox & Friends Tuesday morning that it was Dubke's decision to leave.
    Coach Zimmer Discusses Recovery, Plans for Return to Minnesota

    Coach Zimmer Discusses Recovery, Plans for Return to Minnesota

    Longtime confidant Andre Patterson , the Vikings defensive line coach, is serving as Zimmer's personal messenger this week. His right eye now has a "gas bubble" inside that the coach can not see through.
  • White House communications director Mike Dubke resigns

    The White House resumed its daily press briefings after returning from President Trump's first foreign trip this past weekend. Dubke is the founder of Crossroads Media, which brands itself "the premier Republican media services firm" on its website .

    Top Performer of the day: Range Resources Corporation (RRC)

    Northwestern Mutual Wealth Management Co. increased its stake in shares of Range Resources Corp.by 0.8% in the first quarter. Adams Asset Advisors Lc holds 0.55% of its portfolio in California Resources Corp (NYSE:CRC) for 196,986 shares.
    Trump should be scared of Comey's testifying in public Wittes

    Trump should be scared of Comey's testifying in public Wittes

    The revelation caused him to see the two men's interactions in a "more menacing an upsetting light", Mr Wittes told CNN. Elijah Cummings of Maryland, asked for the records last week, setting a May 24 deadline.
  • China vows to continue with Paris Accord even if US pulls out

    Chinese Foreign Ministry spokeswoman Hua Chunying told reporters Thursday that climate change is a "global challenge" no country can ignore.

    Scripps National Spelling Bee: Everything you need to know

    The test goes a long way toward determining who will be among the 50 or so spellers to advance beyond the preliminary rounds. The nation's best young spellers are gathering in Maryland for the annual Scripps spelling bee starting Wednesday.
    Man City boss Guardiola to choose between Donnarumma, Ederson

    Man City boss Guardiola to choose between Donnarumma, Ederson

    Bruno Andrade, who works for O Jogo and Goal , is reporting this evening that the 23-year-old will become a City player this week. Guardiola is also understood to be interested in Monaco and France full-back Benjamin Mendy, 22.
  • Madras High Court stays rules on cattle trade

    Madras High Court stays rules on cattle trade

    The petitioners contended that since the notification was related to food, it should have been approved by Parliament. It came before Chief Justice Navniti Prasad, who said that nothing has been banned as is being spoken about now.

    High stakes as Pentagon tests ICBM defence system for first time

    The GMD interceptors carry no warheads themselves but rely on the kinetic energy of their impact to destroy the incoming missile. But the Pentagon does have a solution, a classically American one: they want to throw money at the problem until it goes away.

    Jeremy Corbyn rules out deal with SNP in hung Parliament

    However, they have also rejected independence from the United Kingdom in a 2015 referendum. But the SNP leader said the "reality" was going to be a Conservative majority government.


Popular

WH offers explanation for Trump's 'covfefe' tweet
On Tuesday, Spicer declined to say if Trump has met with attorneys over representing him in a personal capacity. It's hard to see what value there is in watching Sean Spicer kick up sand for half an hour.

Raiola admits Ibra keen to renew United deal
The super agent added: " We have a lot of offers and ideas and we have to evaluate them ". Raiola continued: "He can be a valuable asset for some other top clubs also".

Musicians & others react to Gregg Allman's death
Allman will be buried at Macon's Rose Hill Cemetery, next to his brother Duane and late Allman Brothers band mate Berry Oakley . Funeral arrangements have been announced for the late Gregg Allman , who died of liver cancer over the weekend.

White House aide Michael Dubke says his last day is TBD
But it remains unclear whether the president might envision them working inside the White House or in outside roles. Dubke offered his resignation on May 18, prior to President Trump's overseas trip to the Middle East and Europe.

To Many Americans, Memorial Day Has Lost Its Meaning
The sales all of that more than 12% of the United States population served in the armed forces during World War II. Men and women who selflessly put their lives on the line for a better Iraq and safer America.

Manchester police find valuable items; stop sharing info with US
A third suspect, a local woman, was also arrested Wednesday overnight during an armed raid but was later released without charges. The BBC reports that, as a result of the leak, police investigating the bomb attack have stopped sharing information with the US.

'Pirates of the Caribbean' Tops Box Office, 'Baywatch' Sinks
Additional demographic information for Dead Men Tell No Tales saw the film receive an "A-" CinemaScore from opening day audiences. Disney also took second-place this week with its super-hero blockbuster " Guardians of the Galaxy Vol. 2 ".

Growing Brush Fire Rages In Brentwood
PT, a media advisory had been issued, upgrading the fire to a "major emergency response with over 115 LAFD firefighters on scene". Many Hollywood players have made Mandeville Canyon their home including Lachlan Murdoch, Gwyneth Paltrow, Ari Emanuel and Dr.

Armed police guarding FA Cup final after Manchester bomb
The Italian manager and his players are one win at Wembley away from achieving the second double in the club's history. The oldest association football competition in the world crowned its latest champion on May 27.

Chelsea Wary of 'fantastic' Arsenal
You would not even guess that I am a football manager, apart from the fact that a football game is on. "I just want to enjoy my football".