ADP private-sector job growth tumbles to a 9-year low
The numbers: Private-sector employers hired just 27,000 people in May, payroll processor ADP said Wednesday. That badly missed the forecast of 175,000 jobs from economists surveyed by Econoday.
Goods-producing industries shed 43,000 jobs, mostly concentrated in a 36,000 loss for construction; while the service sector added 71,000. “Growth is slowing, and it’s slowing very sharply," Zandi added. “Business capex is dead in the water.”
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