- Overshooting 1.5C risks 'irreversible' climate impact: study
- Time running out in Florida to flee Hurricane Milton
- Demis Hassabis, from chess prodigy to Nobel-winning AI pioneer
- The long walk for water in the parched Colombian Amazon
- Biden-Netanyahu to talk as Hezbollah, Israeli forces clash
- France vows to step up drugs fight after police vehicles torched
- Air France says jet flew over Iraq during Iran attack on Israel
- Activists target Picasso work to protest Israel arms sales
- Let 'Emily in Paris' remain in Paris, Macron says
- Global stocks diverge as Chinese shares tumble
- Time runs out in Florida to flee Hurricane Milton
- Chad issues warning ahead of more devastating floods
- Record-breaking Root helps England dominate Pakistan in first Test
- German govt sees economy shrinking again in 2024
- Ex-UK soldier denies passing secrets to Iran intelligence
- Creator's death no bar to new 'Dragon Ball' products
- Three Kosovo Serbs on trial over 'secession plot' attack
- Van Gogh museum to launch Impressionism show
- French minister ups ante in Eiffel Tower Olympic rings row
- Japan PM calls snap election to 'create a new Japan'
- German police shut pro-Palestinian camp over Thunberg invite
- Chinese stocks tumble on lack of fresh stimulus
- Trio wins chemistry Nobel for protein design, prediction
- SE Asian summit urges end to Myanmar violence but struggles for solutions
- Wimbledon replaces line judges with electronic system
- Record-breaking Root hits hundred as England power to 351-3
- Record-breaking Root hits hundred as England's power to 351-3
- Sabalenka relishes 'much-needed' tennis rivalry with Swiatek
- Liverpool goalkeeper Alisson set for six weeks out
- Taylor Swift got police escort to London gigs after Austria terror plot
- Cook tips Root to break Tendulkar's all-time runs record
- British skull auction sparks Indian demand for return
- Joe Root: England's elegant Test record-breaker
- Braving war: Lebanon's 'badass' airline defies odds
- Klopp to return as head of Red Bull football operations
- Hezbollah strikes Israel, says it foiled Israeli incursions
- Jurgen Klopp to return as head of Red Bull football operations
- Sinner to face Medvedev in Shanghai Masters quarter-finals
- US weighs Google breakup in landmark trial
- Record-breaking Root guides England to 232-2 in reply to Pakistan's 556
- Japan PM dissolves parliament for 'honeymoon' snap election
- Chinese stocks tumble on stimulus upset, Asia tracks Wall St higher
- 7-Eleven owner confirms new takeover offer from Couche-Tard
- Goodbye Tito? Tomb at risk as Serbs argue over Yugoslav legacy
- Restoration experts piece together silent Sherlock Holmes mystery
- Sinner avoids Shanghai deja vu with assured Shelton win
- Pyongyang to 'permanently' shut border with South Korea
- Trumpet star Marsalis says jazz creates 'balance' in divided world
- No children left on Greece's famed but emptying island
- Nepali becomes youngest to climb world's 8,000m peaks
RIO | -0.68% | 66.21 | $ | |
CMSC | 0.28% | 24.64 | $ | |
NGG | -0.34% | 65.675 | $ | |
BTI | 0.55% | 35.415 | $ | |
GSK | 0.45% | 38.19 | $ | |
SCS | 2.44% | 13.1 | $ | |
BCE | -0.15% | 33.46 | $ | |
BP | -0.41% | 31.9 | $ | |
BCC | 0.45% | 142.665 | $ | |
RYCEF | -1.01% | 6.9 | $ | |
JRI | 0.3% | 13.2 | $ | |
CMSD | -0.11% | 24.8248 | $ | |
RBGPF | -2.48% | 59.33 | $ | |
RELX | -0.09% | 46.6 | $ | |
AZN | 0.12% | 76.965 | $ | |
VOD | 0.46% | 9.705 | $ |
Private sector hiring in US cools more than expected: ADP
Job gains in the US private sector slowed again in May on a slump in manufacturing, payroll firm ADP said Wednesday, in a further sign the world's largest economy could be cooling.
Employers added 152,000 jobs last month, down from a revised 188,000 figure in April and less than analysts anticipated, the report said.
This was due to a steep decline in manufacturing, added ADP, noting that leisure and hospitality also showed softer job growth.
"The labor market is solid, but we're monitoring notable pockets of weakness tied to both producers and consumers," ADP chief economist Nela Richardson said in a statement.
She added that both job and pay growth are slowing, entering the second half of the year.
A cooler labor market could give the US central bank more confidence to pivot to interest rate cuts soon, a move likely to give the American economy a boost.
For now, the Federal Reserve has held rates at the highest level in more than two decades, aiming to ease demand and stamp out inflation with higher borrowing costs.
In May, manufacturing jobs declined by 20,000 while those in leisure and hospitality picked up by 12,000, said ADP.
Most job gains were in service-providing segments, with larger increases seen in areas like trade, transport and utilities, as well as in education and health services.
Salary gains for those who changed jobs also slipped for a second month, to 7.8 percent.
Pay growth for staff who remained in their roles held steady for a third month at 5.0 percent, the report said.
- Slower growth -
"We expect the labor market to loosen going forward," said Rubeela Farooqi, chief US economist at High Frequency Economics.
"But we expect job growth to remain positive and see the unemployment rate remaining low, which should be supportive of economic activity this year," she added in a note.
Markets will also be closely eying a government jobs report due Friday, for its bearing on Fed policy.
Job growth is likely to ease more in the summer months, given an "ongoing decline in measures of vacancies and the steep drop in hiring intentions in business surveys," said Ian Shepherdson, chief economist of Pantheon Macroeconomics.
There has also been a "deterioration in leading indicators of layoffs," he said.
D.Cunningha--AMWN