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Financial News: U.S. Private Sector Climbs Less Than Expected In

U.S. Private Sector Climbs Less Than Expected In May

06/05/2024 - 08:22:00 (RTTNews)

(RTTNews) - A report released by payroll processor ADP on Wednesday showed private sector job growth in the U.S. slowed by more than expected in the month of May.

ADP said private sector employment climbed by 152,000 jobs in May after jumping by a downwardly revised 188,000 jobs in April.

Economists had expected private sector employment to increase by 173,000 jobs compared to the addition of 192,000 jobs originally reported for the previous month.

"Job gains and pay growth are slowing going into the second half of the year," said ADP chief economist Nela Richardson. "The labor market is solid, but we're monitoring notable pockets of weakness tied to both producers and consumers."

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