5 June 2024
Private payrolls growth in May fell short of expectations, with ADP reporting an increase of 152,000 jobs, lower than the downwardly revised April figure of 188,000 and below the consensus estimate of 175,000. The services sector drove most of the hiring, while goods producers only added a net of 3,000 jobs to the total. Key sectors such as trade, transportation, and utilities led in job creation, followed by education and health services, and construction.