The numbers: Private-sector employers hired just 27,000 people in May, payroll processor ADP said Wednesday. That badly missed the forecast of 175,000 jobs from economists surveyed by Econoday.
What happened: Small business slashed 52,000 jobs in May, ADP said. Medium-sized firms added 11,000, and large companies added 68,000.
Goods-producing industries shed 43,000 jobs, mostly concentrated in a 36,000 loss for construction; while the service sector added 71,000.
“The economy’s weakening,” ADP architect Mark Zandi said on CNBC this morning. “This number overstates the case,” he added. It’s important to note Zandi used the exact same words last month in describing an upside surprise.