Private job creation slowed more than expected in May, signaling further slowing in the labor market.
ADP reported that companies added 152,000 jobs in May, fewer than the downwardly revised 188,000 in April and below the Dow Jones consensus estimate for 175,000.
Trade, transportation and utilities led with 55,000 new jobs, while education and health services added 46,000 and construction contributed 32,000. Along with the slowdown in job creation, annual pay growth gains held at a 5% rate, where it has been for three months running."Job gains and pay growth are slowing going into the second half of the year," ADP chief economist Nela Richardson said."The labor market is solid, but we're monitoring notable pockets of weakness tied to both producers and consumers."
Trade, transportation and utilities led with 55,000 new jobs, while education and health services added 46,000 and construction contributed 32,000. The other services category added 21,000, but leisure and hospitality, a leading contributor over the past several years, saw a gain of just 12,000.Hunter Biden's ex-wife, other family members expected to take the stand in his federal gun trial
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