ADP

Annual pay also grew 6.7% year-over-year, payroll provider ADP reported.

Employers dampened their hiring amid worries over banking failures and interest rate hikes.

In its latest report, payroll giant ADP noted that some slowdowns are occurring, with job losses in professional and business services.

Private sector payrolls grew by 106,000 jobs, even though many companies laid off workers, while annual pay increased 7.3% year-over-year, according to ADP.

Annual pay rose 7.3% year-over-year, ADP reported, although larger companies actually subtracted jobs.

Worrisome job losses occurred in a number of sectors, including professional and business services.

Hiring in professional and business services and financial activities appears to be slowing.

Ernst & Young employees were upset to discover their paycheck deposits had been reversed after a glitch at its payroll processing company ADP.

The private sector added a modest total of 128,000 jobs in May, according to payroll giant ADP, but that was after losing 91,000 jobs at small businesses.

Employers in the private sector added 247,000 jobs last month, according to payroll giant ADP, as the labor market slowed amid inflationary pressures and rising interest rates, with small businesses losing ground.