Private Survey: Companies added a solid 253000 jobs in May

Private Survey: Companies added a solid 253000 jobs in May

On Thursday, Fed Governor Jerome Powell signaled the USA economic expansion warrants further rate hikes as it approaches full employment and inflation is moving closer to the Fed's 2-percent goal.

June 1 US stock index futures were little changed on Thursday, ahead of private jobs data that will give investors an indication of the health of the labor market and likely feed into the Federal Reserve's decision on interest rates later this month.

The Institute for Supply Management (ISM) said its index of national factory activity ticked up to a reading of 54.9 last month from 54.8 in April. Large businesses added 57,000 jobs.

"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", Moody's Analytics' chief economist Mark Zandi said on a conference call with reporters.

Traders are now pricing in an 88.9-percent chance of a quarter-percentage-point rate hike at the USA central bank's June 13-14 meeting, according to Thomson Reuters data.

Almost 40% of the job cuts were announced by Ford, according to the report.

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Economists had expected an increase of about 185,000 jobs compared to the addition of 177,000 jobs originally reported for the previous month. It is expected to do so again at its June 13-14 policy meeting. They have been below 300,000, a historically low figure, for 117 weeks.

A Labor Department official said claims for California and seven other states were estimated because of the Memorial Day holiday on Monday, which could have distorted the data.

The claims report has no bearing on the May employment report, which is scheduled for release on Friday, as it falls outside the survey period. The nonfarm payrolls report for May is expected to demonstrate continued strength in the labor market with 175,000 jobs expected to have been added in May.

The four-week moving average of claims, considered a better measure of labour market trends as it irons out week-to-week volatility, rose only 2,500 to 238,000 last week.

"We have a multitude of macro news coming out today and that will set the tone for the market's direction".

The U.S. central bank said "most" districts had cited worker shortages across a broadening range of occupations and regions. Almost 40 percent of the job cuts were announced by Ford Motor Co, according to the report.