ADP estimates that US private employment increased at an average pace of 29k in the four weeks to May 23rd, down from 30.5k in the four weeks to May 16th and the weakest pace since late March 2026.

• This week's ADP Pulse data point is a notable slowdown from April and early May readings.
• There were no revisions to any past data points, and the final NER dataset still has a large WoW decline of -377k in the week of March 28th (see large blue spike in graph).