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Private payrolls increased by just 128,000 in May, the slowest growth of the recovery, ADP says

PUBLISHED THU, JUN 2 2022 8:15 AM EDT Jeff Cox

FTA
Private payrolls increased by just 128,000 in May, the lowest gain of the pandemic-era recovery, according to ADP.

Small business took the biggest hit during the month, as companies employing fewer than 50 workers reduced payrolls by 91,000.

Leisure and hospitality, the sector most hit most by restrictions and which has been a leader throughout the recovery, saw new hires of just 17,000.

Job creation at companies decelerated to the slowest pace of the pandemic-era recovery in May, payroll processing firm ADP reported Thursday.

Private sector employment rose by just 128,000 for the month, falling well short of the 299,000 Dow Jones estimate and a decline from the downwardly revised 202,000 in April, initially reported as a gain of 247,000.

The big drop-off marked the worst month since the massive layoffs in April 2020, when companies sent home more than 19 million workers as the Covid outbreak triggered a massive economic shutdown.

By ADP’s count — which usually differs somewhat from government figures — payrolls had increased by nearly 500,000 a month over the past year.

May’s slowdown in hiring comes amid fears of a broader economic pullback. Inflation running around its highest level in 40 years, the ongoing war in Ukraine and a Covid-induced shutdown in China, which since has been lifted though with conditions, have generated fears that the U.S. could be on the brink of recession.

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https://www.cnbc.com/2022/06/02/adp-jobs-report-may-2022.html

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