Labor Market Softening
Key Questions
What do recent ADP payroll figures show?
ADP private payrolls slowed to an average of 35,750 per week. This indicates a softening in private sector hiring trends.
How have jobless claims and continuing claims changed?
Jobless claims rose to 215k, with continuing claims also increasing. April payrolls came in 115k below trend, signaling labor market cooling.
What is the Fed monitoring in the labor market?
The Fed is watching for further deterioration in hiring and claims data. Wage growth remains at 3.6%, above inflation, but hiring has become more selective.
ADP private payrolls slowed to 35,750/week average. Jobless claims rose to 215k, continuing claims up. April payrolls 115k below trend. Wage growth (3.6%) still above inflation but hiring selective. Fed watching for further deterioration. No new data today.
Sources (2)
Updated May 31, 2026