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US companies added just 128,000 jobs in May, lowest in two years: ADP
ADP employment report shows that private payroll growth slowed markedly in May
By Megan Henney FOXBusiness
Private payroll job growth slowed markedly in May, suggesting the tightest labor market in decades has made it difficult for businesses to fill a record number of open positions, according to the ADP National Employment Report released Thursday morning.
Companies added just 128,000 jobs last month, sharply missing the 300,000 gain that economists surveyed by Refinitiv had predicted. It marked the worst month for job creation since April 2020, when the pandemic shut down a broad swath of the nation's economy, triggering millions of layoffs across the nation. It's also a drop from last month's downwardly revised gain of 202,000.
"In April, the labor market recovery showed signs of slowing as the economy approaches full employment," said Nela Richardson, chief economist at ADP. "While hiring demand remains strong, labor supply shortages caused job gains to soften for both goods producers and services providers."
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https://www.foxbusiness.com/economy/us-companies-added-jobs-may-lowest-two-years-adp
