The US private sector added only about 37,000 jobs in May, according to figures released just moments ago by ADP, after adding about 62,000 jobs in April’s reading, which was revised down to 60,000. Expectations were for an addition of 111,000 jobs, bringing the employment rate in May to its lowest level since March 2023. Wage growth remained unchanged in May.
In detail, the manufacturing sector lost about 3,000 jobs, while the construction sector added about 6,000 jobs. The information sector added 8,000 jobs, the financial sector added 20,000 jobs, and the education and health sectors lost 13,000 jobs.