US private payrolls rise by 128,000 in May, well below market estimates

By Ovunc Kutlu

ANKARA (AA) – US private payrolls rose by 128,000 in May, a figure well below market estimates, according to a report released on Thursday.

The market expectation was an increase of 300,000, while the number for April was revised down from 247,000 to 202,000, according to the ADP Research Institute.

Small businesses saw a loss of 91,000 jobs, while medium and large businesses added 97,000 and 122,000, respectively.

“Under a backdrop of a tight labor market and elevated inflation, monthly job gains are closer to pre-pandemic levels,” ADP chief economist Nela Richardson said in the report.

“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.”