Companies in the private sector added just 37,000 jobs in May, payroll processing firm ADP said Wednesday.
The figure is well below economists’ estimates of 110,000 jobs and down from the prior month’s revised reading of 60,000.
“After a strong start to the year, hiring is losing momentum,” said Dr. Nela Richardson, chief economist, ADP. “Pay growth, however, was little changed in May, holding at robust levels for both job-stayers and job-changers.”
President Donald Trump reacted to the data in a post on Truth Social.
“ADP NUMBER OUT!!! “Too Late” Powell must now LOWER THE RATE. He is unbelievable!!! Europe has lowered NINE TIMES!” Trump said.
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