There was only a 38,000-increase in employment in May from April, according to the latest ADP National Employment Report — a widely watched indicator of labor market strength and something of a prelude to Friday's May jobs report from the Labor Department.
The small gain "suggests that employment growth slowed sharply in May," the researchers at ADP say. Other findings:
-- "Employment in the service-providing sector rose by 48,000, marking 17 consecutive months of employment gains while employment in the goods-producing sector fell 10,000 following six months of increases."
-- "Employment among large businesses, defined as those with 500 or more workers, decreased by 19,000, while employment among medium-size businesses, defined as those with between 50 and 499 workers, increased by 30,000. Employment for small businesses, defined as those with fewer than 50 workers, rose 27,000 in May."
Our friends at Planet Money make sense of the economic news here.
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