Private sector added just 37,000 jobs in May, lowest in over 2 years, ADP says
Companies in the private sector added just 37,000 jobs in May, payroll processing firm ADP said Wednesday.
The figure is well below economists’ estimates of 110,000 jobs and down from the prior month’s revised reading of 60,000.
"After a strong start to the year, hiring is losing momentum," said Nela Richardson, ADP chief economist. "Pay growth, however, was little changed in May, holding at robust levels for both job-stayers and job-changers."
Leisure and hospitality added 38,000 positions, leading job creation in May. Financial activities added 20,000 jobs, information added 8,000, construction contributed 6,000 and other services added 4,000.
On the negative side, professional and business services lost 17,000 jobs during the month, while education and health services lost 13,000 positions. Natural resources and mining lost 5,000 jobs, trade, transportation and utilities lost 4,000, and manufacturing decreased by 3,000.
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