Privately run businesses created just 37,000 new jobs in May — the smallest increase in more than two years — as the worst global trade wars since the 1930s spurred many firms to put a pause on hiring.

Private sector job growth in May 2025 hit its lowest point in over two years, with just 37,000 jobs added, far below the expected 110,000. The new ADP report shows hiring momentum is fading despite steady wage growth.