Employment data

Small businesses kept adding jobs and increasing wages amid the tight labor market last month, but the pace declined from May, according to payroll company Paychex.

The economy added 390,000 jobs in May, the U.S. Bureau of Labor Statistics reported Friday, including 16,000 jobs in accounting and bookkeeping services.

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.

Employees at small businesses in the U.S. experienced the 12th month in a row of increases in hourly earnings this May, but the pace of job growth slackened, according to payroll giant Paychex.

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.

The unemployment rate fell two-tenths of a point to 3.6%, the U.S. Bureau of Labor Statistics reported Friday, and two previous months' job gains were revised upward.

Private sector employers added 455,000 jobs this month, payroll giant ADP reported Wednesday, as the economy continued to bounce back despite the ongoing pandemic, although continuing labor shortages held back stronger growth.

Employment growth at small businesses moderated slightly in March, but wages continued to increase, according to payroll giant Paychex.

Employment rose by 678,000 in February, the U.S. Bureau of Labor Statistics reported Friday, although the number of accounting and bookkeeping jobs declined by 800.

Small businesses lost 96,000 jobs in February, according to ADP, although the private sector overall added 475,000 jobs for the month. However, Paychex reported national small business job growth remained at consistent levels in February and hourly earnings growth continued to increase.