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Monday, July 15, 2024
HomeNewsEconomyADP National Employment Report Shows Slower Than Expected Job Growth

ADP National Employment Report Shows Slower Than Expected Job Growth

U.S. private employers added a fewer-than-expected 166,000 jobs in September, according to Wednesday data from payrolls processor, underscoring still sluggish growth in the labor market. Economists surveyed by Reuters had forecast the ADP National Employment Report would show a gain of 180,000 jobs. August’s private payrolls gains were revised to 159,000 from the previously reported 176,000.

“It basically says that the stimulus will continue,” said Chris Gaffney, senior market strategist, EverBank Wealth Management in St. Louis, Missouri. “The government shutdown will be a negative impact on the U.S. economy, extending the need for additional stimulus.”

The U.S. Federal Reserve had been deciding whether to start pulling back on its $85-billion-per-month bond buying program, but has thus far kept up its purchase pace on worries that the economy. The Fed continuously cites factors, including the labor market, which has not yet gathered enough fundamental economic strength to stand on its own.

The ADP report has taken on added significance this week as the government shutdown looks likely to limit other labor market data for September. Friday’s key nonfarm payrolls report from the Labor Department now seems likely not to be released according to schedule.

It is worth mentioning, that in Wednesday’s report small employers added 74,000 jobs, more than either medium or large businesses.

The ADP report is developed jointlywith Moody’s Analytics.

Written by

Rich, the People's Pundit, is the Data Journalism Editor at PPD and Director of the PPD Election Projection Model. He is also the Director of Big Data Poll, and author of "Our Virtuous Republic: The Forgotten Clause in the American Social Contract."

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