U.S. private sector hiring hit its slowest pace since 2023 in May, according to data Wednesday from payroll firm ADP, significantly missing expectations in a month where all eyes are on the effects of President Donald Trump's trade war. For now, U.S. services sector activity shrank in May for the first time since mid-2024 too, according to the Institute for Supply Management, as Trump's tariffs fueled prices and uncertainty. Since returning to the presidency, Trump has slapped a 10 percent tariff on most trading partners, alongside higher rates on dozens of economies, including the European Union, that have since been put on pause until early July.
Published at: 2025-06-04 21:44:59
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