Source: Always Designing for People
The growth of private payrolls slowed in May, marking the third straight month of deceleration. QQQ is up 0.36%, while SPY is flat.
- Total US nonfarm private employment climbed by 128,000 in May, lower than the 202,000 in April and 811,000 in the same month last year.
- This is the third straight month of deceleration, after the acceleration seen in February when payrolls climbed by 601,000.
- Broken down by company size, employment in small businesses fell by 91,000 with the majority classified as firms with up to 19 employees.
- Medium businesses saw an increase of 97,000, while large businesses recorded a 122,000 growth in payrolls.
- The goods-producing sector reported 24,000 additional jobs, while the service-producing sector increased by 104,000.
- ADP Chief Economist Nela Richardson said monthly job gains are now closer to pre-pandemic levels as the growth rate has tempered.