Companies added just 27,000 new positions during the month, according to a report from payroll processing firm ADP and Moody's Analytics that was well below Dow Jones estimates of 173,000.
Private payrolls rose 27,000 in May, compared with estimates of 173,000, according to ADP and Moody's Analytics.
Companies added just 27,000 new positions during the month, according to a report Wednesday from payroll processing firm ADP and Moody's Analytics that was well below Dow Jones estimates of 173,000. Indeed, the most damage came at companies with fewer than 50 employees, which reported a loss of 52,000 jobs, and in the goods-producing sector, which saw a decline of 43,000. Almost all of the small business loss came at firms with fewer than 20 employees, while the big loser in the goods sector was construction, where 36,000 positions were lost.
"Following an overly strong April, May marked the smallest gain since the expansion began," Ahu Yildirmaz, vice president and co-head of the ADP Research Institute, said in a statement. "Large companies continue to remain strong as they are better equipped to compete for labor in a tight labor market."
At a sector level, all the gains came on the services side, which added 71,000 positions. Health care and social assistance grew by 34,000, followed by professional and business services , and leisure and hospitality . The "other services" category saw a drop of 9,000, while information lost 3,000 and education decreased by 1,000.
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