Summary:
The ADP report showed 152K nonfarm private jobs were added in May, down from 188K in April and lower than the expected 173K gain.
Jun ADP
3/7/2024 (Wed)
Previous (May): 152k Forecast: 158k
The ADP employment report revealed that 152K nonfarm private jobs were added in May, a slowdown from the 188K private jobs added in April. The latest reading came in lower than the expected 173k gain.
Annual pay growth gains held at a 5% rate, where they have been for three months running. Nearly all the hiring came from the services sector with a number of sectors seeing job losses on the month.
But it diverged from the official reading of 272k by a large margin, which has further dented investor confidence on its significance as a leading indicator.
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