The Hanley Wood Data Studio and ARCHITECT's Ayda Ayoubi report that the U.S. economy added 178,000 private, non-farm jobs in May according to the monthly employment report released today by payroll-management firm ADP and its partner Moody's Analytics. The seasonally adjusted result is 9.2 percent higher than April's downwardly revised addition of 163,000 jobs, and marks a 13.48 percent decrease from last May, when 202,000 jobs were created.

“The hot job market has cooled slightly as the labor market continues to tighten,” said ADP Research Institute vice president and co-head Ahu Yildirmaz in a press release. “Healthcare and professional services remain a model of consistency and continue to serve as the main drivers of growth in the services sector and the broader labor market as well.”

“Job growth is strong, but slowing, as businesses are unable to fill a record number of open positions,” said Moody's Analytics chief economist Mark Zandi. “Wage growth is accelerating in response, most notably for young, new entrants and those changing jobs. Finding workers is increasingly becoming businesses number one problem.”

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