Private-sector payrolls rose less than expected in May, according to this morning’s ADP Employment Report. Companies added a net 179,000 jobs to the labor market in seasonally adjusted terms—well below the expected 210,000 gain based on the consensus forecast. The monthly comparison is a disappointment, but it looks like noise when you consider that ADP’s tally of payrolls for last month still shows growth at roughly 2% on a year-over-year basis.
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