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ADP: US economy adds 179,000 jobs in May

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ADP: US economy adds 179,000 jobs in May

Results well below expectations; middle market creates 61,000 jobs.

Private sector employment increased by 179,000 jobs from April to May, according to payroll-processing giant ADP.  Middle market companies produced approximately 34% of these, or 61,000.

Analysts had expected a figure of 210,000.

"The job market has yet to break out from the pace of growth that has prevailed over the last three years.”

April job creation was also revised downward from 220,000 to 215,000.

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Goods-producing employment rose by 29,000 jobs in May, up from 21,000 jobs gained in April. The construction industry added 14,000 jobs over the month, down slightly from 16,000 in April. Meanwhile, manufacturing added 10,000 jobs in May, up from April’s 2,000 and the largest number since December last year.

Service-providing employment rose by 150,000 jobs in May, down from 194,000 in April.

"After a strong post-winter rebound in April, job growth in May slowed somewhat,” said Carlos Rodriguez, president and chief executive officer of ADP. “The 179,000 jobs added figure is higher than May of last year and in line with the average over the past twelve months.”

Mark Zandi, chief economist of Moody’s Analytics, said, "Job growth moderated in May. The job market has yet to break out from the pace of growth that has prevailed over the last three years.”

 

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