Private sector added just 37,000 jobs in May, lowest in over 2 years, ADP says

Companies in the private sector added just 37,000 jobs in May, payroll processing firm ADP said Wednesday.

The figure is well below economists’ estimates of 110,000 jobs and down from the prior month’s revised reading of 60,000.

"After a strong start to the year, hiring is losing momentum," said Nela Richardson, ADP chief economist. "Pay growth, however, was little changed in May, holding at robust levels for both job-stayers and job-changers."

PRIVATE SECTOR ADDED 62K JOBS IN APRIL...