Job creation was up but missed the mark in May, according to the ADP National Employment Report…(ADP)
- Private-sector employment increased by 128,000 from April to May, on a seasonally adjusted basis
The muted numbers were thanks to a big drop in small business employment…
- Large employers created 122,000 jobs in May.
- Midsized employers created 97,000 jobs in May.
- Small businesses lost 91,000 jobs in May.
The Service-providing sector created 104,000 and the Goods-producing sector created 24,000…
- In the service sector, education & health lead the way with 46,000 jobs created followed by professional & business (+23k) and leisure & hospitality (+17k).
- In the goods sector, manufacturing lead the way with 22,000 jobs created followed by natural resources & mining (+5k), and construction actually fell by 2,000 jobs.
Nela Richardson, chief economist at ADP, said job growth has slowed among all industries…
- “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.”