The latest ADP National Employment Report reveals a notable slowdown in private sector job creation, with only 37,000 new positions added in May, the lowest since March 2023. Despite this decline, annual pay growth remains robust at 4.5%, with job-switchers seeing an even higher increase of 7.0%. The goods-producing sector experienced a loss of 2,000 jobs, primarily in natural resources and manufacturing, while construction gained 6,000 positions. Conversely, the service-providing industries added 36,000 jobs, particularly in leisure, hospitality, and finance. Regionally, the West saw the most job gains, while the Northeast faced declines. Notably, medium-sized businesses contributed positively to job growth, in contrast to small and large firms. This report highlights payroll data from over 25 million U.S. employees, providing valuable insights into the current employment landscape.
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