WASHINGTON (dpa-AFX) - A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. increased by much less than expected in the month of May.
ADP said private sector employment rose by 37,000 jobs in May after climbing by a downwardly revised 60,000 jobs in April.
Economists had expected private sector employment to jump by 115,000 jobs compared to the addition of 62,000 jobs originally reported for the previous month.
'After a strong start to the year, hiring is losing momentum,' said ADP chief economist Dr. Nela Richardson. 'Pay growth, however, was little changed in May, holding at robust levels for both job-stayers and job-changers.'
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