In This Story FDS -0.36% ADP +0.39% MORN -0.74% PG -0.29% MSFT -0.92% The U.S. labor market is expected to have downshifted in May, with Friday’s jobs report likely to show the slowest pace of hiring since the start of the year — offering the clearest signal yet that employers are pulling back amid rising economic headwinds and growing risk aversion. Suggested Reading Microsoft stock just hit a record high as it cashes in on the AI boom Tesla stock plunges 14% as Trump and Elon Musk break up.