US Private Sector Adds 179,000 in May

Job creation in the private sector was disappointingly slow in May, with companies adding just 179,000 positions, according to the latest reading from ADP and Moody’s Analytics.

Economists in a consensus survey expected ADP’s national employment report to show the economy created 215,000 private payrolls in May, down from the prior month’s 220,000 figure.

The number could cause economists to ratchet down the projections for Friday’s nonfarm payrolls report, which is projected to show an addition of 210,000 positions for the month. Capital Economics said in a note that the ADP report “adds to the downside risk” for its forecast of 230,000 jobs created.

Services accounted for most of the jobs, adding 150,000 to the total, while goods-producing employment increased by 29,000. Even in the services sector, though, there was weakness, with new professional and business positions tumbling to 46,000 from 75,000 in April.

via CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.