Private payrolls grew by 122,000 in May, stronger than expected, ADP reports

[CBHagman]

9. At this point, I always go back and look at the figures for the same month in 2024.

It's very instructive, because the numbers are so different, and the framing might be as well.

New York Times headline and bankhead for June 7, 2025: U.S. Hiring Rises Strongly, Along With Wages
Hiring was unexpectedly robust in May, with a gain of 272,000 jobs, but it wasn’t all good news: The unemployment rate ticked up, to 4 percent.

https://www.nytimes.com/2024/06/07/business/economy/jobs-report-may-2024.html

The U.S. economy keeps throwing curveballs, and the May employment report is the latest example.

Employers added 272,000 jobs last month, the Labor Department reported on Friday, well above what economists had expected as hiring had gradually slowed. That’s an increase from the 232,000-job average over the previous 12 months, scrambling the picture of an economy that’s relaxing into a more sustainable pace.