Private businesses in the United States hired 128,000 workers in May 2022, the least since the job losses in 2020 and well below forecasts of 300,000.
The services sector added 104,000 jobs, led by education and health (46,000), and professional and business (23,000), while the information sector shed 2,000 jobs.
Goods-producing industries added 24,000 jobs, due to manufacturing (22,000) and natural resources, and mining (5,000), while the construction sector lost 2,000.
Large companies added 122,000 jobs and midsized 97,000 jobs, while small companies shed 91,000 jobs. “Under a backdrop of a tight labor market and elevated inflation, monthly job gains are closer to pre-pandemic levels.” “The job growth rate of hiring has tempered across all industries, while small businesses remain a source of concern as they struggle to keep up with larger firms that have been booming as of late,” said Nela Richardson, chief economist, ADP.
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