Nonfarm private sector employment increased by 173,000 jobs in May, according to the monthly national employment report from ADP and Moody’s Analytics released this morning. The seasonally adjusted result, falling short of the estimate of 180,000 by investment research firm Morningstar, is 10.9 % more than the upwardly-revised 166,000 this April, but is -11% down year-over-year.

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