THE ADP NATIONAL JOBS REPORT SHOWS PRIVATE SECTOR EMPLOYMENT INCREASED BY ONLY 128,000 JOBS IN MAY🍜🍝
Only 128,000 new jobs in the US in May vs 247,000 new jobs created in April.
"Under a backdrop of a tight labor market and elevated inflation, monthly job gains are closer to pre-pandemic 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."
So much for a booming economy... Will the Fed continue to raise rates at 0.50% per meeting while slashing QE bond buying with this data showing economic growth has slowed, especially with struggling small businesses?
It looks like April was revised lower by 45,000 too as they showed 247,000 on the April report but in the May table they show only 202,000!
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