ADP May employment +37K vs +110K prior

• Prior was +62K
• Goods producing -2K vs +26K prior
• Service providing +36K vs +34K prior

Wage measures:

• Pay gains for job stayers 4.5% vs 4.5% prior
• Pay growth for job changers 7.0% vs 6.9% prior
• Full report

The April reading was the worst one since July and this is even worse as it takes us all the way back to March 2023 when it was negative.

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

The US dollar has weakened in the aftermath of this number, with USD/JPY down to 143.87 from 144.25. The dollar is similarly soft elsewhere.

This article was written by Adam Button at www.forexlive.com.