“Private sector employment increased by 178,000 jobs from April to May,” stated ADP in its latest report. This reading fell short of the market expectation of 190K and the previous (April) number was also revised down to 163K from 204K. Below are some key quotes from the official press release.
“The hot job market has cooled slightly as the labor market continues to tighten,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
“Healthcare and professional services remain a model of consistency and continue to serve as the main drivers of growth in the services sector and the broader labor market as well.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth is strong, but slowing, as businesses are unable to fill a record number of open positions. Wage growth is accelerating in response, most notably for young, new entrants and those changing jobs. Finding workers is increasingly becoming businesses number one problem.”
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