The ADP National Employment Report showed private payroll growth slowed in May, signaling a cooling of the labor market. RSM Chief Economist Joe Brusuelas joins Market Domination Overtime to break down the print and what it could mean for the Federal Reserve's next interest rate move.

"Look, this is just solid, but not spectacular. I'd like to see wage growth slow a bit, but we're really doing quite well," Brusuelas says of the report. He points to the May ISM Services PMI, which topped expectations, as a positive economic indicator, explaining, "The upper 20% of the population of households is responsible for 50% of spending. Every three months or so they're going to hit the accelerator. You're going to get a good number in retail sales, personal spending, or the ISM Services. That's why the economy is just going to continue to chug along I think at that 2% rate over time." However, he notes that there are still issues out there, like a deceleration in durables spending due to high finance costs.

He adds that the economy is normalizing, and predicts a cool summer ahead.

For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.

This post was written by Melanie Riehl