Private Sector Adds 173,000 Jobs To American Economy In May

More private sector jobs were added to the U.S. economy last month, but overall job growth is still continuing to slow down.

According to a report from ADP Research Institute and Moody’s Analytics highlighted in a CNBC article, private employers added 173,000 jobs in May. That adds to the 166,000 jobs that were added to the economy the month before. On average, the ADP and Moody’s employment report has averaged 188,000 jobs so far in 2016.

The jobs that were added in May came entirely from the service sector. In fact, goods-producing companies lost jobs. Small businesses ultimately created the most jobs—43,000. The trade, transportation and utilities industries added 28,000 jobs and construction and financial activities each added 13,000.

In a statement, Ahu Yildirmaz, head of the ADP Research Institute, said, "Job creation appears to have slowed as we move further into 2016. Challenging global conditions affecting hiring at large companies and a tightening labor market for skilled workers are among the factors that may be contributing to the slowdown."