The non-farm private sector gained 128,000 jobs in May, according to the ADP National Employment Report. This follows a revised April increase of 202,000 jobs.
Small businesses with fewer than 50 employees lost 91,000 jobs. Medium-sized businesses with 50-499 employees gained 97,000, while large businesses increased by 122,000 jobs.
“Under a backdrop of a tight labor market and elevated inflation, monthly job gains are closer to prepandemic levels,” said Nela Richardson, chief economist, ADP. “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.”
Service-providing employment gained 104,000 jobs, driven by gains in the education/health services and professional/business services sectors, which grew by 46,000 and 23,000 jobs respectively.
Goods-producing employment gained 24,000 jobs in May. The manufacturing sector gained 22,000 jobs and construction lost 2,000 jobs. Natural resources/mining also gained 5,000 jobs.
Read the ADP report.
