Job growth slowed for the second month in a row at private-sector firms, which added just 37,000 jobs in May, according to new employment estimates released Wednesday by payroll company ADP. May’s job gains,

U.S private sector employment grew by 37K in May, missing the +110K consensus and cooling from the 62K increase in April, according to data released by ADP on Wednesday. It was the lowest monthly job total from the ADP count since March 2023.

The figure reported on Wednesday is well below economists’ estimates of 110,000 jobs and also down from the prior month’s revised reading of 60,000 jobs.