ADP’s May jobs report shows the lowest monthly gain in more than two years.
Transcript:
As we await the May jobs report from the Bureau of Labor Statistics, ADP released its monthly report – and the results were bleak. Private sector hiring rose by just 37,000 last month, roughly 70,000 fewer than anticipated by Dow Jones. It was the lowest monthly job total from the ADP count in more than two years.
While the leisure and hospitality and financial activities sectors added a combined 58,000 jobs, it wasn’t enough to offset losses in other sectors. Professional and business services saw a decrease of 17,000, education and health services lost 13,000, and construction dropped by 6,000.
Of the report, ADP’s chief economist said, “After a strong start to the year, hiring is losing momentum.”
And while the Fed is choosing to remain optimistic, it says there’s just too much we don’t know.
Ahead of the report, Fed Governor Lisa Cook said, “I see the U.S. economy as still being in a solid position, but heightened uncertainty poses risks to both price stability and unemployment.”
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