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2h ago

ADP Reports 32,000 Private-Job Losses as Shutdown Puts Spotlight on Labor Weakness

The government shutdown has paused BLS data, pushing investors to rely on ADP figures that were recently rebenchmarked.

People wait in a line outside a newly reopened career center for in-person appointments in Louisville, Kentucky, U.S., April 15, 2021. REUTERS/Amira Karaoud
Job seekers walk in line to a job fair at the Central Florida Fairgrounds attended by employers looking to fill openings on July 10 in Orlando.
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Overview

  • Private payrolls fell by 32,000 in September, ADP said, with August revised to a 3,000 decline after an earlier estimate of a 54,000 gain.
  • Economists had expected a 50,000 increase, and market gauges moved on the release as official Labor and Commerce reports are on hold.
  • The shutdown, the 15th since 1981, has delayed the monthly jobs report, weekly jobless claims and other federal statistics.
  • BLS JOLTS data for August showed job openings roughly steady at 7.227 million but a hires rate down to 3.2%, signaling unusually weak hiring.
  • ADP’s breakdown showed gains in education and health services but losses in leisure and hospitality, with smaller firms cutting the most, as some economists said the softening raises odds of further Fed rate cuts.