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Private Sector Adds 173,000 Jobs To American Economy In May
While private employers created jobs last month, overall job growth is still slowing down.
More private sector jobs were added to the U.S. economy last month, but overall job growth is still continuing to slow down.
According to a report from ADP Research Institute and Moody’s Analytics highlighted in a CNBC article, private employers added 173,000 jobs in May. That adds to the 166,000 jobs that were added to the economy the month before. On average, the ADP and Moody’s employment report has averaged 188,000 jobs so far in 2016.
The jobs that were added in May came entirely from the service sector. In fact, goods-producing companies lost jobs. Small businesses ultimately created the most jobs—43,000. The trade, transportation and utilities industries added 28,000 jobs and construction and financial activities each added 13,000.
In a statement, Ahu Yildirmaz, head of the ADP Research Institute, said, "Job creation appears to have slowed as we move further into 2016. Challenging global conditions affecting hiring at large companies and a tightening labor market for skilled workers are among the factors that may be contributing to the slowdown."
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About the Author
Cassidy McAloon
FollowCassie has over five years of digital and traditional media experience. She joined NLA after working as a television news producer in both Milwaukee and Chicago, and now specializes in aligning strategies across the board for her clients, ultimately building buzz and telling compelling stories through content marketing, social media, digital campaigns and traditional PR.
Cassie has a Bachelor of Arts in Broadcast and Electronic Communications from Marquette University. In her spare time, Cassie enjoys traveling and exploring what new cities have to offer in addition to spending time with her friends and family.
