The market can take unemployment as good or bad news. It might be written off as unemployed Federal workers.
Fortunately, the public company ADP reported despite the government shutdown.
U.S. Lost 32,000 Jobs in September, Says Payroll Processor
ADP report shows a labor force that continues to deteriorate
By Konrad Putzier, The Wall Street Journal
The U.S. private sector shed 32,000 jobs in September, a decline from August’s revised loss of 3,000.
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….
The gap between small and big establishments in the labor market continued to widen last month. Small establishments with fewer than 50 employees shed 40,000 jobs, while those with 500 or more employees added 33,000 jobs.
ADP’s report is based on data from more than 26 million workers whose employers use ADP to manage payrolls. That is a large sample of U.S. private-sector employment, which includes about 136 million workers. ADP’s monthly numbers sometimes diverge widely from BLS figures, which are based on a broader survey of employers. … [end quote]
The smaller employers are hit harder by tariffs and also by their inability to borrow in the bond market. ADP would only have data from their customers, not from gig workers or the self-employed.
Wendy
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So far this year, employers have planned to add 204,939 jobs, compared to 483,590 at this point last year. The last time year-to-date hiring was this sluggish was 2009, when companies recorded 169,385 new hires as the economy was clawing its way out of the Great Recession.
Challenger also said it tracked 100,800 seasonal hiring plans last month, down from 401,850 announced by the beginning of October last year, the report said.
@WendyBG There is more than one way to skin a cat.
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