Investing.com - U.S. private employers added 178,000 jobs in May, fewer than economists had forecast, a report by a payrolls processor ADP showed on Wednesday.
Economists had expected the ADP nonfarm payrolls report to show a gain of 190,000 jobs.
Private sector jobs growth was revised down to 163,000 in April from a previously reported 204,000.
“The hot job market has cooled slightly as the labor market continues to tighten,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute. “Healthcare and professional services remain a model of consistency and continue to serve as the main drivers of growth in the services sector and the broader labor market as well.”
Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth is strong, but slowing, as businesses are unable to fill a record number of open positions. Wage growth is accelerating in response, most notably for young, new entrants and those changing jobs. Finding workers is increasingly becoming businesses number one problem.”
The ADP figures come ahead of the Labor Department's more comprehensive non-farm payrolls report on Friday, which includes both public and private-sector employment.
