Private sector job growth plummets to 2-year low, recession risks rise

Private sector job creation slowed sharply in May, falling to its lowest level in over two years. ADP reported a gain of just 37,000 jobs, well below April's 60,000 and the 110,000 forecast. Goods-producing industries lost jobs, while the services sector showed some strength. The Federal Reserve is under pressure to consider rate cuts amid rising recession risks and trade uncertainty.