US Hiring Slows to Weakest Pace Since Start of Year in ADP Data
- Private payrolls rose 152,000 in May, lower than forecast
- Job losses in manufacturing were the steepest since last July
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Hiring at US companies grew in May at the slowest pace since the start of the year, restrained by a steep decline in factory payrolls and adding to evidence of a cooling in the labor market.
Private payrolls increased 152,000 last month, according to the ADP Research Institute. The median estimate in a Bloomberg survey of economists called for a 175,000 increase.