Private-sector recruiting slows in May
Print Edition
PRIVATE-SECTOR hiring in the US slowed somewhat in May, according to payrolls firm ADP, which warned yesterday that some firms are having trouble finding workers in a tightening labor market.
Companies added 178,000 jobs in the private sector last month, according to the report, down from 204,000 in April and a bit below analyst expectations. The ADP report comes ahead of tomorrow’s government jobs report from the Bureau of Labor Statistics.
US hiring has steadily risen in the last few years, resulting in April in the lowest jobless rate in more than 17 years.
At the same time, wage inflation has been relatively modest in many sectors, lessening the pressure on the Federal Reserve to quicken the pace of interest rate increases.
ADP officials said there were signs of wage inflation in some sectors.
“Job growth is strong, but slowing, as businesses are unable to fill a record number of open positions,” said Mark Zandi, chief economist at Moody’s Analytics.
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