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ADP Says U.S. Job Growth Hits Lowest Point This Year

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According to a report from payroll giant ADP, U.S. private sector businesses added 152,000 new jobs in May, the smallest monthly increase this year and below economists’ forecasts.

Some key industries that added jobs included healthcare, education, trade/transportation, and construction, while information, manufacturing, professional services, and mining lost jobs.

“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.”

Workers who stayed in their jobs saw a 5% annual pay increase, unchanged for three months, while those switching jobs received 7.8% higher pay.

Overall, the labor market remains solid but pockets of weakness were seen linked to producers and consumers.

A separate Labor Department report showed job openings fell sharply to 8.1 million in May from 8.4 million the prior month, also below expectations.

The ADP numbers suggest hiring may be slowing down heading into the second half of 2022.

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