{"id":1436668,"date":"2023-11-01T12:27:12","date_gmt":"2023-11-01T16:27:12","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1436668"},"modified":"2023-11-01T12:27:12","modified_gmt":"2023-11-01T16:27:12","slug":"adp-employment-report-signals-continued-wage-growth-decline","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/adp-employment-report-signals-continued-wage-growth-decline\/1436668\/","title":{"rendered":"ADP Employment Report Signals Continued Wage Growth Decline"},"content":{"rendered":"

ADP Employment Report Signals Continued Wage Growth Decline<\/span><\/p>\n

\n

After ADP printed dramatically lower than BLS for September’s payroll data (+89k vs +336k)…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

…analysts’ expectations were for a rise to +150k job additions in October, but for the 3rd straight month, ADP disappointed <\/strong>with a +113k print (+150k exp).<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

The ADP print is well below the +180k expected for Friday from BLS.<\/p>\n

<\/a><\/p>\n

Services sector once again dominated the good sector with \u201cNo single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,\u201d said Nela Richardson, chief economist, ADP. <\/em><\/p>\n

<\/a><\/em><\/p>\n

\u201cIn all, October’s numbers paint a well-rounded jobs picture. And while the labor market has slowed, it’s still enough to support strong consumer spending.\u201d<\/em><\/strong><\/p>\n

Finally, as a reminder, September saw ‘Professional & Business Services’ sector lose 32k jobs according to ADP, whereas JOLTS saw a stunning increase of 509k job openings in that sector. October’s ADP data showed a 10k job loss… what will JOLTS show at 10amET…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

October saw the 13th straight month of declines in wage growth – to the weakest growth levels since Q3 2021. Job stayers saw a 5.9 percent year-over-year pay increase in September, marking the 12th straight month of slowing growth. Pay gains also shrank for job changers, to 9 percent, down from 9.7 percent in August.<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

but the actual pace of wage gains remains well above The Fed’s inflation targets for both job-stayers and job-changers.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nWed, 11\/01\/2023 – 08:27<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/personal-finance\/adp-employment-report-signals-continued-wage-growth-decline<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

ADP Employment Report Signals Continued Wage Growth Decline After ADP printed dramatically lower than BLS for September’s payroll data (+89k vs +336k)… Source: Bloomberg …analysts’…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1436668","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1436668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1436668"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1436668\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1436668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1436668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1436668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}