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Financial News: U.S. Private Sector Job Growth Falls Well Short

U.S. Private Sector Job Growth Falls Well Short Of Estimates In May

06/02/2022 - 09:16:00 (RTTNews)

(RTTNews) - A day ahead of the release of the Labor Department's more closely watched monthly jobs report, payroll processor ADP released a report on Thursday showing private sector employment increased by much less than expected in the month of May.

ADP said private sector employment climbed by 128,000 jobs in May after jumping by a downwardly revised 202,000 jobs in April.

Economists had expected private sector employment to surge by 300,000 jobs compared to the addition of 247,000 jobs originally reported for the previous month.

The much weaker than expected private sector job growth came as increases in employment at large and medium businesses were partly offset by a loss of jobs at small businesses.

The report showed employment at large and medium businesses rose by 122,000 jobs and 97,000 jobs, respectively, while employment at small businesses fell by 91,000 jobs.

"The job growth rate of hiring has tempered across all industries, while small businesses remain a source of concern as they struggle to keep up with larger firms that have been booming as of late," said ADP chief economist Nela Richardson.

ADP said employment in the service-providing sector climbed by 104,000 jobs, reflecting a notable increase in healthcare and social assistance jobs.

Employment in the goods-producing sector edged up by 24,000 jobs, as increases in manufacturing and natural resources/mining jobs were partly offset by a dip in construction jobs.

On Friday, the Labor Department is scheduled to release its more closely watched monthly employment report, which includes both public and private sector jobs.

Economists currently expect employment to jump by 325,000 jobs in May after surging by 428,000 jobs in April, while the unemployment rate is expected to edge down to 3.5 percent from 3.6 percent.

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