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Jobs Created Data Comes In from ADP, At Less Than Half Expected

Private-sector payroll numbers are out this morning from Automatic Data Processing ADP for the month of May, and they look somewhat disappointing: 128K new jobs in the private sector created last month was less than half the 300K expected, with April’s revision -45,000 to 202K.

This seems to represent a new cycle over the past three months now, well off the 500K+ new private-sector jobs we had been seeing previously. In fact, it’s the single-worst month in ADP headline jobs numbers since April 2020, in the early stages of the pandemic…

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