Private sector job growth in May plummeted to a 2-year low of 37,000, according to ADP. This significantly undershoots April's revised 60,000 and the projected 110,000, signaling a weakening labor market. The report precedes the Bureau of Labor Statistics' nonfarm payroll report, expected to show a 125,000 increase and steady unemployment. ADP chief economist Nela Richardson noted a loss of hiring momentum. Following the report, President Trump urged the Federal Reserve to lower interest rates.

Prepared by Christopher Adams and reviewed by editorial team.