Job growth remained weak in May, with a slight improvement from April, according to the ADP National Employment Report released on Wednesday.
Private employers added 135,000 jobs in May, an acceleration from April, but missed the forecasts for jobs growth of 165,000. In April, private payrolls showed an increase of 113,000 revised downward from the 119,000 that had been previously reported.
“The number was weak,” said Mark Zandi, chief economist at Moody’s Analytics, which jointly developed the report, finance.yahoo.com reported.
“The ADP (data) is suggesting instead of job growth stepping up, it’s actually stepping down as we move into the summer months,” Zandi told reporters. “It’s not like we’re falling off a cliff, it just feels like we’re throttling back a little bit.”
The ADP report revealed that the manufacturing sector shed jobs in May and another report showed performance in the services sector was weak. The goods producing sector shed some 3,000 jobs in May, finance.yahoo.com also reported.
