---
title: "In May, the \"small non-farm\" dropped to a nearly two-year low, falling short of expectations for two consecutive months"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/243118411.md"
description: "U.S. corporate hiring activity has fallen to its lowest level in nearly two years, with job cuts occurring in industries such as business services, education, and healthcare, reflecting weakened labor demand. ADP data shows that private sector employment increased by only 37,000, far below expectations. The slowdown in hiring coincides with an extended reemployment period for the unemployed, and economists expect the labor market to continue cooling in the future. Despite the slowdown in hiring, wage growth remains strong. Consumer expectations for the future business environment have deteriorated, and the unemployment rate may rise"
datetime: "2025-06-04T13:07:02.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/243118411.md)
  - [en](https://longbridge.com/en/news/243118411.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/243118411.md)
---

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# In May, the "small non-farm" dropped to a nearly two-year low, falling short of expectations for two consecutive months

According to the Zhitong Finance APP, U.S. corporate hiring activity has slowed to its lowest level in nearly two years, with job cuts occurring in industries such as business services, education, and healthcare, reflecting a continued weakening in labor demand.

According to data from ADP Research Institute, the private sector added only 37,000 jobs last month, falling short of all forecasts from economists surveyed. This marks the second consecutive month that the data has significantly underperformed expectations.

ADP Chief Economist Nela Richardson stated in a statement on Wednesday, "The strong momentum in job growth at the start of this year is waning."

![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20250604/1749041922675473.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

This phenomenon reflects that over the past two months, companies' ongoing concerns about the unpredictable economic policies of the Trump administration have substantially impacted hiring decisions. The current job market is under dual pressure: hiring speed has noticeably slowed, and the time required for unemployed individuals to find new jobs has lengthened. Economists expect to see more signs of cooling in the labor market in the coming months.

Data shows that in May, jobs in trade, transportation, and manufacturing continued to decline, while employment in leisure, hospitality, and financial activities increased. Regionally, the Northeast experienced the most severe layoffs; by company size, both large and small businesses reported reductions in workforce.

Following the data release, stock index futures and U.S. Treasury yields fell in response.

On social media, Trump again called for Federal Reserve Chairman Powell to lower interest rates to address the current situation.

Richardson from ADP noted that despite the slowdown in hiring, wage growth remains strong. Employees who switch jobs saw a wage increase of 7%, while those who stay with their current employer experienced a wage increase of 4.5%. This ADP report, released in collaboration with the Stanford Digital Economy Lab, covers a statistical sample of over 25 million private sector employees in the U.S.

The latest survey from the University of Michigan shows that most consumers still expect the business environment to deteriorate over the next year, with the unemployment rate potentially rising. Federal Reserve officials have stated they are closely monitoring follow-up data on the impact of trade policies as a basis for interest rate adjustments, but have acknowledged that tariffs may lead to rising inflation and slower economic growth.

The U.S. government's employment report for May, set to be released on Friday, is expected to show a slowdown in non-farm job growth compared to the strong performance in April, while the unemployment rate is expected to remain stable

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