Private payrolls growth slows to 152,000 in May, much less than expected, ADP says

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.Private job creation slowed more than expected in May, according to a report Wednesday from ADP that signals further sluggishness in the labor market. Along with the slowdown in job creation, annual pay growth gains held at a 5% rate, where it has been for three months running.

Nearly all the hiring came from the services sector, with goods producers contributing just a net 3,000 to the total.

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