U.S. Adds 135,000 Jobs for May
Nonfarm private employment increased by a seasonally adjusted 135,000 jobs for May, according to ADP's National Employment Report (link opens in PDF) released today.
Human capital management company ADP partners with Moody's Analytics to produce this monthly report based on ADP payroll data representing 416,000 U.S. clients employing nearly 24 million workers in the U.S.
After improving a revised 113,000 for April, analysts had expected May's numbers to head an adjusted 171,000 jobs higher.
Small businesses (1-49 workers) made the most moves for May, adding 58,000 new employees to their ranks. Both medium (50-499) and large (500+) companies added 39,000 jobs each.
The services sector added on 138,000 jobs, whiles goods-producing companies dropped 3,000. Manufacturing felt a 6,000-job squeeze.
According to Moody's Analytics Chief Economist Mark Zandi, Uncle Sam may be slowing things down:
The job market continues to expand, but growth has slowed since the beginning of the year. The slowdown is evident across all industries and all but the largest companies. Manufacturers are reducing payrolls. The softer job market this spring is largely due to significant fiscal drag from tax increases and government spending cuts.
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