ADP: May job growth plummets to 27,000, lowest since March 2010
Private sector employment increased by just 27,000 jobs in May. This compares with 271,000 in April, 276,000 in May of 2018, and the lowest monthly gain since March of 2010. We’ll get a fuller read of the job market on Friday, when the BLS releases their estimates for the month.
May manufacturing sector index drops 0.7 points to 52.1 percent
The May PMI® registered 52.1 percent, a decrease of 0.7 percentage point from the April reading of 52.8 percent. Comments from the panel reflect continued expanding business strength, but at soft levels consistent with the early-2016 expansion.
May service sector index rose 1.4 points to 56.9
The NMI® registered 56.9 percent, which is 1.4 percentage points higher than the April reading of 55.5 percent. Respondents are mostly optimistic about overall business conditions, but concerns remain about tariffs and employment resources.