U.S. Firms Are Hiring at the Slowest Pace in Two Years, ADP Report Shows

[andhra_jp]

American employers further dialed down their hiring, a monthly report showed, in a sign the labor market may be weakening amid growing economic uncertainty.

Just 37,000 jobs were created last month, down from 62,000 in April, according to the ADP National Employment report released Wednesday.

Economists polled by The Wall Street Journal had expected hiring to pick up pace to 110,000 new jobs on the month.

The downturn means jobs growth was its weakest in more than two years.

Signs of weakness in hiring in the private sector contrast to other indications of a robust jobs market. There has been little sign elsewhere that gloomier economic sentiment is leading to an uptick in unemployment.

President Trump posted on Truth Social after the ADP numbers were released, saying that Federal Reserve Chair Jerome Powell should lower rates.

"'Too Late' Powell must now LOWER THE RATE," Trump wrote. "He is unbelievable!!!"

The Fed reiterated last week that officials make interest-rate decisions based solely on “careful, objective and non-political analysis."

 

 

[Anta Assamey]