The employment data for May showed that the United States added 152,000 jobs, marking a new low in three months, falling below economists' expectations of 175,000 and the revised figure of 188,000 for April. Meanwhile, the ADP report indicated further slowing in the job market, reflecting overall economic weakness.

Regarding wages, the annual wage growth remained at 5%, holding steady for three consecutive months and reaching its lowest increase in years. This steady wage growth helps to contain wage inflation, which is good news for the Federal Reserve.

Nela Richardson, Chief Economist at ADP, pointed out that as we enter the second half of the year, both employment and wage growth are slowing down. Despite the labor market remaining robust, signs of weakness associated with producers and consumers are becoming evident.

Consistent with the ADP report, the JOLTS report showed a sharp decline in job vacancies to 8.059 million in April, marking a new low since February 2021, further indicating a slowdown in the job market trend.

Despite the slowdown in employment and wage growth, U.S. inflation remains stickier than expected, posing a challenge to the economy.