Thursday, June 04, 2026
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Labor Market Sustained Momentum? U.S. private employers added 122,000 jobs in May, according to ADP, exceeding the 120,000 consensus estimate and up from April’s 105,000 revised number. ADP noted, “The labor market continues to show sustained momentum going into the summer hiring season.” While still early, these improving green shoots provide encouragement for the second half improvement in Kelly’s business, in our view.
Broad-Based. ADP noted the hiring was more broad-based in May than in the last few years, with eight of the ten supersectors ADP tracks posting positive momentum. Gains were led by the education and health care sectors.
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