Staff Reports
Well butter my biscuit and call me surprised – it looks like the job market took a tiny siesta in May, with only 152,000 new jobs shimmying their way into the U.S. economy, according to those fancy folks over at ADP. The beancounters were all a-flutter ‘cause they were expecting a grander entrance of 175,000 new gigs. These economists must’ve left their crystal balls at home that day!
Nela Richardson, the head honcho economist at ADP, sounded the alarm bell, y’all. She squawked about job growth slowing down faster than a turtle in molasses. She did mention that some areas like health care and education were scooping up jobs like kids at a candy store (guess being “government-adjacent” pays off). But hold onto your hat, ‘cause trade and construction were flexing their muscles too, struttin’ their stuff with 55,000 and 32,000 new jobs, respectively.
ADP Says U.S. Job Growth Hits Lowest Point This Year with 152,000 New Jobs in May https://t.co/fH4KL3d0mR
— Billy Dee (@BillyDeeffmc) June 5, 2024
Things went a bit wonky in some other sectors, though. Information, manufacturing, professional services, and mining had themselves a bit of a shedding season. Looks like they need to get themselves a stronger shampoo or something. Oh, and financial services were poppin’ with a 28,000-job growth spurt. Money money money!
Seems like folks who stuck to their jobs got themselves a 5 percent raise, while job hoppers raked in a 7.8 percent pay jump. But wait just a tick, that job hopper raise is dwindling faster than a snow cone in the sun – time to tighten those belts, folks! ADP just tracks the private sector hirin’ spree, it ain’t tryin’ to outshine the official job report that’s rollin’ out this Friday.
Economists are placing their bets on the Labor Department to announce a perkier job addition number of 195,000 in May. Hopefully, the economy will pick up the pace like a racehorse on derby day. Meanwhile, the Labor Department said job openings took a tumble, droppin’ to 8.1 million in May. Looks like the job market’s playin’ hard to get – you gotta wine and dine it a bit to get those openings back up!
