Private employers added 152,000 people to their payrolls in May, according to the latest report from ADP. It was fewer than the 175,000 economists polled by Bloomberg were expecting. ADP Chief Economist Nela Richardson says that though the headline number shows growth, the report was a "mixed bag" because "what we’re seeing is weakness in manufacturing but also weakness in B2B businesses tied to white collar jobs and professional business services and information." Richardson adds that "this is not a one-note jobs market."
When discussing the slowing in hiring in the leisure and hospitality space, Richardson notes it may be a sign that "the consumer is a little battle weary, that the prices are starting to erode some of their purchasing power."
Watch the video above to hear what Richardson says this latest ADP report may mean for the Federal Reserve.
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