According to the ADP National Employment Report for May, 2024, private employers added 152k jobs in May, a slowdown in growth led by a steep decline in manufacturing. In addition, leisure and hospitality also showed weaker hiring. The ADP National Employment Report is an independent and high-frequency view of the private-sector labor market based on the aggregated and anonymized payroll data of more than 25 million U.S. employees.“Job gains and pay growth are slowing going into the second half of the year…The labor market is solid, but we’re monitoring notable pockets of weakness tied to both producers and consumers.” Said ADP chief economist Nela Richardson.
