According to ADP: U.S. companies added the fewest jobs in 2 years in the month of May (just 128,000)
ADP (Automatic data processing) along with Moody's Analytics provides consumers and those looking to enter the workforce statistics on the current labor market without charge. On June 2nd, 2022 they released their latest data showing the change in the number of jobs added since April, the month prior.
The data they present showed the worst job additions we had seen in 2 years when the covid-19 pandemic forced thousands of businesses nationwide to shut down.
Small businesses saw the biggest decrease in Jobs added with a decrease of 91,000 jobs, while large companies only saw their employment numbers go up 26,000 in total for the month of May.
ADP classified any business with 1-49 employees as a small business, between 50 and 500 midsized, and 500 or more as a large business.
The biggest and likely most predictable gains came in the service-providing sector. The U.S. has been growing towards a service model since the 1980s and the trend continues to this day.
Decreases in the construction sector can be equated to fewer families taking on expensive home remodel projects and there being a smaller need for those workers.
Information position lowering is one that is more difficult to explain. There has never been an instance in the U.S. timeline than now when information trackers and other fields in the sector are more needed. There has been a more intrusive way of life dating back to the heinous attacks of terrorists for Al Queda on September 11th, 2001. Doctrines put in place meant to protect individuals from terror have resorted to spying on regular Americans, as showcased in the leaked documents by Edward Snowden. Increases in college students enrolled in information courses also has seen an uptick in recent years.
Although Biden's build back better plan was meant to help the labor market and increase overall job performance, we have seen minimal returns. It seems as if it is job report after job report of utter failure.
Biden has repeatedly boasted of returning close to former president Donald Trump's record-breaking unemployment rate. however, that only signifies a return to normalcy in terms of unemployment.
One might also assume that with many covid relief programs ending in 2022 there is an increased need to maintain a job so cash flow does not come to an end.
ADP National Employment Report