Free Trial

MNI BRIEF: Sharp Slowdown In ADP Should Be Eyed With Caution

ADP chief economist Nela Richardson said Wednesday a sharp slowdown in hiring in the September ADP National Employment Report should be eyed with caution and job growth could rebound next month.

Private firm hiring last month at 89,000 was the slowest pace of growth since January 2021. Large firms have pulled back this year, recording a -83,000 change in jobs last month, while hiring for small firm especially those in leisure and hospitality has been consistently strong, adding 95,000 jobs in September.

"It's too soon to call that slowdown indicative of a recession," she told reporters on a call. (See: MNI INTERVIEW: Fed's Fujita Sees Signs of Jobs Soft Landing) Pay growth for job changers has finally dipped into single digits after a number of months, falling to 9.0% last month from 9.7% in August. Job stayers saw a median change in annual pay of 5.9%. Both measures peaked last year.

MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.