"Hiring Patterns Are Changing": ADP Reports Weakest Job Gains In 6 Months, But...
Following a weaker than expected JOLTS report, but better than expected ISM employment data, ADP reports today (ahead of Friday's payrolls report) that the US economy added only 44k jobs in July (below the 65k expected and the lowest since January) after a revised 95k increase in the prior month...
With the Goods-producing side of the economy losing 3k jobs...
"Typical hiring patterns, meanwhile, are changing as employers react to shifting macro-economic conditions," said Dr. Nela Richardson Chief Economist, ADP
Even with the moderation in hiring, the report showed wage growth for those who switched jobs picked up to the strongest pace in nearly a year.
"Job-changers are highly sensitive to real-time economic conditions, and their rapid pay growth implies supply constraints in parts of the labor market," added Richardson.
The figures point to a stable labor market supported by robust business and consumer demand. If confirmed in the government’s official monthly jobs report on Friday, the recent employment trend suggests Fed officials can keep their focus on still-elevated inflation.
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