ADP: US Private Sector Adds 152,000 Jobs in May, Below Estimates of 175,000

Jun 5, 2024, 12:25 PM

The US private sector added 152,000 jobs in May, according to the latest ADP report. This figure falls short of the estimated 175,000 jobs and is a decrease from the downwardly revised 188,000 jobs added in April, previously reported as 192,000. The majority of the hiring occurred in the services sector, which contributed a net 149,000 jobs, while goods producers added only 3,000 jobs. The Trade, Transportation, and Utilities sectors led the gains with an addition of 55,000 jobs, whereas the Manufacturing sector experienced the most significant losses, shedding 20,000 jobs. The ADP report comes ahead of the nonfarm payrolls report, which is expected to show an increase of 185,000 jobs. The Dow Jones consensus for the ADP report was 175,000 jobs. The Federal Reserve is closely monitoring these numbers amid a series of weak macroeconomic indicators.