Private sector job creation came to a near halt in May, marking the weakest performance in over two years, according to payroll processing firm ADP. In its latest report released Wednesday, ADP said just 37,000 jobs were added in May—well below economists' expectations and sharply down from the revised 60,000 gain in April. It was the lowest monthly total recorded by ADP since March 2023.

The data paints a sobering picture of a labor market that may be beginning to crack under the pressure of sustained high interest rates and global economic uncertainty. The Dow Jones forecast had projected a gain of 110,000 jobs for May, making the shortfall particularly striking.

The disappointing numbers reignited political tensions around monetary policy. Shortly after the report’s release, President

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