ADP: Companies add fewest jobs in 9 years in May

US: ADP private sector employment change +27K in May vs. 180K expected

"That is now starting to show up in the job market".

Small businesses lost 52,000 jobs; medium businesses added 11,000 jobs; and large businesses added 68,000 jobs.

There has been anecdotal evidence of worker shortages in the transportation, manufacturing, and construction industries.

While we will await the official data from the U.S. Bureau of Labor Statistics (BLS) - which is scheduled to be released on Friday - the early report from private sector analyst ADP was nothing short of a disaster.

"Following an overly strong April, May marked the smallest gain since the expansion began", noted Ahu Yildirmaz, vice president and co-head of the ADP research institute. The ADP reported 271,000 additional jobs in April, while the BLS reported 236,000.

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"Though this won't completely dismiss the rate-cut-this-year speculation, the much better-than-expected non-manufacturing ISM print helps", said Jennifer Lee, a senior economist at BMO Capital Markets in Toronto. The service sector added a total of 71,000 jobs, the slowest pace of gains since September 2017.

"Job growth is moderating", Moody's Analytics chief economist Mark Zandi statement in a statement. The increase that was observed last month indicated a spike in newly hired workers offering the economy a temporary boost. "Labor shortages are impeding job growth, particularly at small companies, and layoffs at brick-and-mortar retailers are hurting". Health care and social assistance grew by 34,000, followed by professional and business services (22,000), and leisure and hospitality (16,000). Only two industries experienced job losses in this sector, including other services, which lost 9,000 positions, and information, which lost 3,000.

Businesses in the utilities industry said they were "waiting to see the impact of Chinese import tariff", while their counterparts in the mining sector said because of the trade war, "it has been very hard to plan in a long term ahead".

Remember: sometimes bad is good when it comes to the economy and the market reactions.

Fed Chairman Jerome Powell stated that the agency would act appropriately in order to sustain expansion. Economists expect that report will show job gains of 185,000, while the unemployment rate remains at a almost 50-year low of 3.6%.

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