According to the ADP National Employment Report released on Thursday morning, private payroll job growth slowed in May, giving more bad news for President Joe Biden amid concerns that businesses are struggling to fill unfilled positions.
According to Refinitiv, companies added 128,000 positions last month, significantly less than the 300,000 predicted by experts.
The slowdown represented the worst month since April 2020, when workers were sent home as the pandemic took hold and the country went into a huge economic shutdown.
And it comes as the Biden administration is grappling with high inflation and the impact of the war in Ukraine, amid fears of looming inflation.
‘Under a backdrop of a tight labor market and elevated inflation, monthly job gains are closer to prepandemic levels,’ said Nela Richardson, chief economist at the payroll firm, ADP.
‘The job growth rate of hiring has tempered across all industries, while small businesses remain a source of concern as they struggle to keep up with larger firms that have been booming as of late.’
There were more encouraging data elsewhere.
The number of Americans filing fresh claims for unemployment benefits unexpectedly fell last week as demand for labor remained strong.
The weekly unemployment claims report from the Labor Department on Thursday, also showed state jobless benefits rolls declining to their lowest level since 1969 in the second-half of May.
‘Job gains across the country are slowing, but few workers are actually losing their jobs,’ said Christopher Rupkey, chief economist at FWDBONDS in New York told Reuters.
‘This isn’t a soft-landing or a hard-landing for the economy yet.
‘No sign of company layoffs means the labor market isn’t loosening up as much as Fed officials were hoping.’
There was more gloom for consumer on Thursday as gas prices hit another average high $4.71, just a day after hitting the record as seven states top off at $5 a gallon as inflation soars.
The national average jumped four cents overnight, leaving drivers in even more despair as gas prices continue to skyrocket emptying their wallets.
For the first time in history, the average price has exceeded $4.00 in all 50 states – by a longshot.
At the White House on Wednesday, President Joe Biden said, ‘There’s a lot going on right now but the idea we’re going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to food.’
The west coast has been hit the hardest with the biggest sticker shocks in California and Nevada, which continue to lead the nation with the highest gas costs.
California is the only state with an average over $6, with some heavily populated areas, like Los Angeles, seeing up to $8 at the pump. Nevada averages $5.36, while Hawaii, Washington, and Oregon average in the $5.20s.
Georgia and Arkansas lead for the cheapest average of $4.19 and $4.23 a gallon, respectively.
The northeastern part of the US can expect to be just under $5, with many only pennies away from hitting the mark.
The Midwest has a wide variety of ranges, with many falling into the upper categories, ranging between $4.50 to $5.26. The Great Plains is mainly experiencing middle ground price, ranging from $.4.36 to $4.77. The South has the cheapest gas, with the majority of the states falling into the lowest average of $4.19 to $4.33.
The national average has risen over a dollar compared to one year ago, which was at $3.04. 
It comes after JPMorgan Chase CEO Jaime Dimon has issued a stark economic warning, saying that rising commodity prices and tightening monetary policy could deliver a ‘hurricane’ blow to the US economy.
Speaking at a banking conference in New York on Wednesday, Dimon warned the gathering of investors and analysts: ‘You better brace yourself.’
‘I said there were storm clouds out there, big storm clouds, but it’s a hurricane,’ said the US banking titan.
‘Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this. That hurricane is right out there, down the road, coming our way. We just don’t know if it’s a minor one or Super Storm Sandy,’ he added.
‘JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet,’ he said.