US ADP private employment rose 128k only in May, well below expectation of 280k. By company size, small businesses jobs dropped -91k, medium businesses rose 97k, large businesses rose 122k. By sector, goods-producing jobs rose 24k, service-providing rose 104k.
“Under a backdrop of a tight labor market and elevated inflation, monthly job gains are closer to pre-pandemic levels,” said Nela Richardson, chief economist, ADP. “The job growth rate of hiring has tempered across all industries, while small businesses remain a source of concern as they struggle to keep up with larger firms that have been booming as of late.”
