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Economic news
05.06.2024

U.S. private employers add 152,000 jobs in May - ADP

The employment report issued by Automatic Data Processing Inc. (ADP) and Moody's Analytics revealed that U.S. private employers added 152,000 jobs in May. This was the lowest number since January (+111,000).

Economists had expected an addition of 175,000 new jobs for May.

Meanwhile, the April figure saw a downward revision to 188,000 from the originally reported 192,000.

According to the report, the May job increase was led by trade, transportation and utilities (+55,000), education and health services (+46,000), and construction (+32,000). At the same time, manufacturing (-20,000), natural resources and mining (-9,000), information (-7,000), and professional and business services (-6,000) shed jobs last month.

The report also revealed that pay growth for job-changers decelerated last month, dropping from 8.0 per cent y-o-y in April to 7.8 per cent y-o-y. Meanwhile, pay growth for job-stayers held steady for the third straight month at 5 per cent y-o-y. 

Commenting on the latest report, Nela Richardson, ADP’s chief economist, noted that job gains and pay growth are slowing going into the second half of 2024. “The labour market is solid, but we're monitoring notable pockets of weakness tied to both producers and consumers,” she added.

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