Payroll

The jobs market showed signs of a slowdown last month as the private sector added 152,000 jobs in May, while annual pay grew 5% year over year, ADP reported.

Hourly earnings growth for employees slid to their lowest level since the middle of 2021, according to Paychex.

The pace of small-business job growth slackened in April, but hourly earnings ticked up to 3.34%, ending a nearly two-year slowdown, according to Paychex.

Annual pay increased 5.0% year over year, ADP reported.

It was the first hiring increase so far this year, according to Paychex, though it remained below pre-pandemic levels.

Private sector employers added 184,000 jobs in March as annual pay rose 5.1% year over year, payroll company ADP reported.

The unemployment rate increased two-tenths of a point to 3.9% and the BLS revised downward the job numbers for December and January, indicating some softening in the labor market.

The service-providing sector added 110,000 jobs for the month, including 5,000 in professional and business services such as accounting and tax preparation.

Year-over-year hourly earnings growth for U.S. workers moderated slightly in February, continuing a trend that began mid-2022, while small business job growth held steady.

The jobs report far surpassed most economists' expectations, but the unemployment rate held steady at 3.7%.