U.S. private employers' hiring slowed to a four-month low in May, as small firms reduced staff and wage gains for job changers moderated for the second consecutive month. This information, from a report released on Wednesday, suggests the job market is cooling and is inline with what we at investorAi have been expecting.
According to the ADP Employment report, private payrolls increased by 152,000 jobs last month, the fewest since January and well below the average of 194,000 over the past year, following a revised 188,000 increase in April. Economists surveyed by Reuters had predicted an increase of 175,000 jobs for May.
For the second month in a row, the largest employers led the gains, with companies having 500 or more workers adding 98,000 jobs, roughly the same as in April. Mid-sized companies, employing 50 to 499 workers, added 79,000 jobs compared to 59,000 in April.
Job growth was mainly in the services sector, driven by trade, transportation, and uti ...
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