Lowest U.S. Private Sector Job Growth in Two Years, Initial Jobless Claims Decline, U.S. Factory Orders Rise

Automatic Data Processing, Inc (ADP) and Moody’s Analytics announced that private sector jobs increased by 128,000 in May. This is the lowest level since April 2020, when the United States was hit by the epidemic of Covid-19

U.S. private-sector employment slowed in May. It was affected by concerns about recession in the face of the highest inflation in 40 years, the war between Russia and Ukraine, and the introduction of lockdown measures in China to contain the spread of COVID-19

ADP also revised April payrolls to 202,000 from the previously reported increase of 247,000.

Meanwhile, initial jobless claims fell by 11,000 last week to 200,000, according to the Labor Department.

The number of Americans continuing to file for unemployment benefits fell by 34,000 to 1.31 million, the lowest level since 1969.

In addition, the U.S. Commerce Department reported that U.S. factory orders rose 0.3% in April after increasing 1.8% in March.

New orders for core capital expenditure (excluding weapons and aircraft) rose 0.4% in April.

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