Private-sector firms added just 37,000 jobs in May, the lowest total in more than two years

(CNN) — High economic uncertainy has hiring grinding to a halt at US businesses.

Job growth slowed for the second month in a row at private-sector firms, which added just 37,000 jobs in May, according to new employment estimates released Wednesday by payroll company ADP.

May’s job gains, which marked a sharp stepback from the 60,000 jobs added that ADP reported for April, came in significantly below economists’ expectations for 130,000 jobs to be added.

It’s the lowest monthly total since March 2023, ADP said.

“The weak numbers we’re seeing now does not point to a labor market that’s collapsing, but there is hiring hesitancy,” Nela Richardson, chief economist at ADP, said Wednesday during a call with reporters.

Richardson pegged the loss of hiring momentum to downbeat consumer sentime