Posted on 10/04/2023 7:00:12 AM PDT by Diana in Wisconsin
US employers in the private sector added an estimated 89,000 jobs in September, a much lower total than expected and a potential indication of a sharp pullback in the labor market, payroll processor ADP reported Wednesday.
The September tally landed well below economists’ estimates for 153,000 jobs added, as well as August’s upwardly revised total of 180,000 jobs added. It’s the slowest pace of job growth reported by ADP since January 2021.
“We are seeing a steepening decline in jobs this month,” said Nela Richardson, chief economist at ADP, in a statement Wednesday morning. “Additionally, we are seeing a steady decline in wages in the past 12 months.”
Annual pay increases for people who remained at their jobs were 5.9%, the slowest gains since October 2021; and were 9.5% for “job changers.”
The leisure and hospitality sector continued to lead job growth, with an estimated 92,000 positions added during the month. The largest declines were in professional and business services; trade, transportation and utilities; and manufacturing, according to ADP.
Large businesses with 500 or more employees drove the decline, losing 83,000 jobs.
The ADP report is an independent measure of employment trends and is developed using anonymized and aggregated payroll data from its clients.
While ADP’s tabulations don’t always correlate with the official federal jobs report — due out Friday — it’s sometimes viewed as a proxy for overall hiring activity, which has been gradually easing.
(Excerpt) Read more at channel3000.com ...
“Errors since last August, relative to the initial official private payroll print, have ranged from an undershoot of 337,000 in January to an overshoot of 348,000 in June, with a mean absolute error of 85,000,” he wrote. “Sometimes ADP is just about dead right, as in August and May this year, but ‘good’ months have then tended to be followed by big misses, for no apparent reason.”
Everything is fine…
No money, man. Can’t borrow any, can’t earn any, NOBODY is buying, the supply chains are frozen, so the goods cannot be delivered, and prices are far outstripping wages in the worst instance of stifle-flation the world has known since maybe the Middle Ages, when knights were being sent off to the Middle East to fight the Saracens and Moors, and the folks back home were being taxed into penury.
The Bureau of Lying Statistics will report 450K jobs added and then revise it downwards a couple of months from now, which they have been doing since last fall I believe.
Bidenomics!
they have been doing that since at least 2009. They would revise numbers downward during Obama, and upward during Trump. No agency in DC can be trusted.
Just enough jobs to employ the illegal venezuelans who need them.
“Just enough jobs to employ the illegal venezuelans who need them.”
Why would they need jobs when they are getting $68,000 in cash and benefits??
Soon to be revised own to just 12 jobs...
Ask the clown makeup hag running NY.
I wish SHE didn’t have a job.
Join the club!
was it UNEXPECTED ??
Drink!...................
The leisure and hospitality sector continued to lead job growth, with an estimated 92,000 positions added during the month.
So employment actually contracted without the 92,000 leisure/hospitality sector.
This has all the characteristics of an economy built on Third World tourism.
Did they count jobs held by illegal aliens?
What is the “Leisure and hospitality” sector? Is that the sector that collects a government check and stays home in comfort and leisure while being hospitable?
How many went to illegal immigrants?
Apart from psychologists and psychiatrists I can’t think of any profession that is innately less competent than economists. They truly make a trifecta of idiocy and failure
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