Posted on 10/05/2023 7:15:01 AM PDT by mikelets456
ADP reported that private job growth totaled just 89,000 for the month, down from an upwardly revised 180,000 in August and below the 160,000 estimate from Dow Jones. Job gains came almost exclusively from services, which contributed 81,000 to the total. The report comes a day after the Labor Department said job openings unexpectedly rose sharply in August.
(Excerpt) Read more at cnbc.com ...
So is this bad news that is good? Or is it bad?
It’s so hard to keep up with the rules at the Wall St. casino.
Falling employment is a lagging indicator of a recession. It means we are in a recession now.
Probably not being widely reported because you can't believe one d@mn thing the Biden regime says. It will be revised downward in a month or so anyway.
It’s bad news.
They were expecting double that............
ADP numbers usually don’t match official government numbers.
That’s quite the rounding error…
And Deep State’s official numbers are, as my late granny used to say...
BUSHWA!
“It’s bad news.
They were expecting double that............”
But... if it’s lower than expected, it means that the economy has slowed, which means the fed will not raise rates, and may actually cut rates, which is good.
Or not.
lol... in reality it bad news. Their nonsense about strong labor markets and roaring economy are slowly running out of cover and the Fed is almost out of tricks. The needed recession is coming. Get ready!
True…if the feds cut rates but no one has a job or money then a low rate doesn’t mean much.
I think we have been for a while. The govt. has been lying to our faces about everything. Even when they are aware we know they are lying. Why should we believe any of the economic news they put out?
The good news is we are probably half way thru the recession if unemployment is cratering.
It’s probably here, unemployment is LAGGING indicator.
Ramping up for Christmas most likely is the reason.
The Retail Sales Outlook For Now Till Christmas 2023 Is Modest
I imagine it’s the 87,000 IRS agents with weapons.
The news sucks so bad Biden and Company buried it. Wait until they revise it downward in a week or two. 89,000 will sound great by then.
It’ll get downgraded to -89,000 a couple of months down the road. The left always overestimates numbers when their person’s occupying the White House.
“US-based employers announced plans to cut 47,457 jobs in September 2023, well below 75,151 in August, according to a report by Challenger, Gray & Christmas, Inc. Still, “employers are grappling with inflation, rate increases, labor issues and consumer demand as we enter Q4,” Andrew Challenger, senior vice president of Challenger, Gray & Christmas, said. In Q3, employers announced 146,305 cuts, a 92% increase from the same quarter last year, but down 22% from the 187,793 cuts announced in Q2. So far this year, companies have planned 604,514 cuts, the highest January-September total since 2020. Excluding 2020, it is the highest January to September total since 2009. Technology is leading with 151,989 cuts, followed by retail (70,713) and health care/products manufacturers (52,611). The top reason for job cuts so far this year is market/economic conditions with 225,319. In September, employers announced plans to add 590,353 jobs, up from the 380,014 announced a year earlier.”
And:
“The number of Americans filing for unemployment benefits edged higher by 2,000 to 207,000 on the week ending September 30th, below estimates of 210,000 and remaining close to the seven-month low of 202,000 from earlier in the month. In the meantime, continuing claims unexpectedly fell by 1,000 to 1,664,000 on the week ending September 23rd, well below estimates of 1,675,000 and remaining close to the near-eight-month low recorded previously, suggesting that unemployed individuals are having relative success in finding new jobs. The data added to evidence that the labor market remains at historically tight levels, pointing to added resilience to the Federal Reserve’s aggressive tightening cycle and adding leeway for rates to remain higher for longer. source: U.S. Department of Labor”
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