US Private Sector Job Growth Continues to Moderate

The downward trend in weekly hiring reflects a shift from the higher growth figures observed earlier this spring. For the week ending May 2, the four-week moving average stood at 40,750 jobs, but the pace has steadily decelerated to the current level of 25,500. These preliminary estimates rely on high-frequency payroll data, which are seasonally adjusted with a two-week reporting lag to ensure accuracy.

Produced in collaboration with the Stanford Digital Economy Lab, the NER Pulse provides a granular look at employment trends outside of the standard monthly reporting cycle. While the current trajectory indicates a softening in private sector demand, the figures remain subject to revision as more complete payroll information is integrated into the model. The next update is scheduled for release on June 23, 2026.