Data issued by Automatic Data Processing Inc (NASDAQ:ADP) on Wednesday raised concerns over the decelerating pace of monthly employment growth among private U.S. businesses.
This marked the third consecutive month of declines as September numbers rolled in, and details of the report painted a picture of an evolving economic landscape.
Here's what you need to know and what economists have to say.
ADP’s Snapshot: Private employers reported an addition of 89,000 new payrolls in September, a steep drop from the 177,000 recorded in August. The numbers not only fell short of the expected 153,000 but also marked the slowest pace of monthly employment gains since January 2021. Read more on the print here.
The ADP National Employment Report pointed out that large establishments were at the front of the deceleration — having lost 83,000 jobs — effectively nullifying the gains from August.
Nela Richardson, chief economist at ADP, expressed concern, saying, “We are seeing a steepening decline in jobs this month. Additionally, we are seeing ...