According to Wu, the U.S. ADP employment increased by 152,000 in May 2024, with an expected increase of 175,000 and a previous value of 192,000, the smallest increase since January this year. Nela Richardson, chief economist of ADP, said that employment growth and wage growth are slowing down in the second half of the year. The labor market is solid, but we are monitoring obvious weakness related to producers and consumers.