Private employers added 122,000 roles in May

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Private employers in the U.S. added 122,000 jobs in May, according to the ADP National Employment Report, a closely watched measure of private-sector hiring. The figure marks a significant slowdown from April's revised gain of 188,000 positions, signaling a potential cooling in the labor market as interest rate hikes continue to ripple through the economy. Smaller businesses led the hiring gains, while larger companies pulled back on headcount. The weakness in private payroll growth comes ahead of Friday's official government jobs report, which economists expect will show similar softening in overall employment.