I guess that we have to go with the private employment report from ADP.
It's pretty grim.
32,000 jobs lost, and the August numbers revised down to -3,000.
So net job losses in June, August and September.
The U.S. shed 32,000 private-sector jobs in September, payroll-processing giant ADP said on Wednesday.
That is down from a revised loss of 3,000 in August. Economists polled by The Wall Street Journal had expected an increase of 45,000.
It should be noted here that 45,000 is still not enough to account for natural workforce growth.
ADP’s report doesn’t include government workers, but economists are giving it a closer look this month. That is because the Bureau of Labor Statistics’ monthly jobs report, which was scheduled to come out this Friday, will be delayed if the government is still shut down.
Howe convenient for Donald John Trump.
The surprise job loss in September is the latest sign that the labor market is weakening. Job growth has slowed to a trickle this year even as the unemployment rate has held mostly steady. The Federal Reserve last month lowered short-term interest rates by a quarter percentage point and signaled more cuts are likely, citing weak hiring. The labor market “is a little bit tenuous right now,” said Aditya Bhave, an economist at Bank of America.
On the bright side, average wages rose by 4.5% year over year, which is to say essentially unchanged from last month.
Not good numbers.
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