ADP Employment Misses After Yesterday’s Soft Jolts Jobs
Employment has been holding the US economy afloat, but recently we have seen some weak numbers from different employment figures.

Employment has been holding the US economy afloat, but recently we have seen some weak numbers from different employment figures. The April Non-Farm Payrolls (NFP) posted a slowdown, while yesterday the JOLTS Job Openings report was disappointing, extending the slowing trend and falling to the lowest level since February 2021. Today, we had the ADP employment report, which received increased attention for this reason.
The JOLTs job openings data for April, which was issued yesterday, continued to present a softening trend for the labour market, indicating the lowest hiring level in three years, with traders becoming sensitive to declining employment trends. The JOLTs report revealed that openings had fallen to 8.059 million in April, down from the estimated 8.355 million in March.
However, the Non-Farm Employment (NFP) report will take most of the attention regarding the US labour market this week. The NFP is expected at 185K. This follows a lower-than-expected figure of 175,000 last month. However, before that, we had the ADP employment figures a while ago.
ADP Employment Report for May
- ADP national employment for May 152K versus 175K estimate
- Prior month 192K revise to 188K
- National employment change for May xxxK vs 175K estimate
- Goods producing 3K vs 47K month
- Service providing 149K vs 145K last month
- Wages for job stayers 5% unchanged from prior month
- Wages for job changers -7.8% from 9.3% prior month. A lower number is indicative of a tighter jobs market
ADP Details:
- small (less than 50 employees), -10K
- medium (50 – 499 employees) +79K
- large greater than 499 employees). 98K
ADP Employment by Sector:
- Trade/transportation/ utilities +55K.
- Education/health services, +46K.
- Construction, +32K.
- Leisure/hospitality, +12K
- Manufacturing, -20K
- Financial activities +28K
- Professional and business services -6K
- Information, -7K
- Natural resources and mining, -9K
- Other services +21K
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