With the BLS shutdown, and this Friday's NFP report indefinitely delayed, the only labor report this week would be the (highly inaccurate) anticipated ADP Private Payrolls data. Moments ago it came, and disappointed all those hoping that finally, after five years, the Fed's shotgun wealth creation strategy may be working when it not only missed expectations of 180K, instead printing at 166K with the bulk of jobs created in the service-providing sector, but excluding massive downard revisions (July from 198K to 161K, August from 176K to 159K), would have been the lowest print of the past 4 months. And while, finally, some 1000 manufacturing jobs were created in September, for the first time in over a year the high-paying financial sector saw an exodus of 4000 jobs. Wave goodbye to the "third half" 2013 recovery.
Quote the Obama administration wannabe favorite Mark Zandi:
"The job market appears to have softened in recent months. Fiscal austerity has begun to take a toll on job creation. The run-up in interest rates may also be doing some damage to jobs in the financial services industry. While job growth has slowed, there remains a general resilience in the market. Job creation continues to be consistent with a slowly declining unemployment rate.”
More from the chart-friendly report:
Historical Trend - Change in Total Nonfarm Private Employment (in thousands) Tweet this chart
Total Nonfarm Private Employment by Company Size (in thousands) Tweet this chart
Change in Total Nonfarm Private Employment by Selected Industry (in thousands) Tweet this chart
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National Employment Report
For more data and analysis, download the press release.
For additional insights, download the historical data (Excel file)
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About This Report: The ADP National Employment Report provides a monthly snapshot of the current U.S. nonfarm private sector employment situation based on actual transactional payroll data.
Compare today's chart to last month's far better trending data:
Historical Trend - Change in Total Nonfarm Private Employment
Total Nonfarm Private Employment by Company Size
Change in Total Nonfarm Private Employment by Selected Industry