The US private sector added approximately 122,000 jobs in May, according to figures released moments ago by ADP, following the addition of approximately 108,000 jobs in April. This exceeded expectations, which had predicted the addition of 118,000 jobs. Wages also rose by 4.4% year-over-year.

In detail, the goods-producing sector added 8,000 jobs, with the construction sector adding approximately 8,000 jobs and the manufacturing sector adding approximately 3,000 jobs. The education and healthcare services sector led the service sector with an addition of 57,000 jobs, while the trade, transportation, and utilities sector added 36,000 jobs, and the leisure and hospitality sector added 8,000 jobs.