Job growth continued to cool in May, with private companies adding 173,000 new positions, according to a report Thursday from ADP and Moody's Analytics.
The closely watched private payrolls count was right around Wall Street expectations, with economists surveyed by Reuters anticipating growth of 175,000. The number also was a bit higher than April, which posted an upwardly revised 166,000 new jobs. The ADP/Moody's count has averaged 188,000 in 2016.
Moreover, the gains came entirely from the service sector, which added 175,000 positions. Goods-producing companies actually lost 1,000 jobs (ADP rounds its figures, creating a discrepancy from the final number). Manufacturing subtracted 3,000 jobs.