Payroll processor Automatic Data Processing (ADP) reported on June 4 that private sector employment increased by 37,000 jobs in May compared to the previous month. This marks the smallest increase in over two years, since March 2023. The growth was significantly lower than April’s already weakened figure of 60,000 and fell well short of analysts’ expectations of 110,000. The slowdown is attributed to deteriorating economic sentiment among businesses, driven by the Trump administration’s tariff policies, which have negatively impacted private sector hiring.