“Private payrolls growth came in well below estimates for August, another sign of weakness in the U.S. jobs market.
Companies hired 99,000 workers last month, according to ADP. That’s below a downwardly revised July print of 111,000. It also missed a Dow Jones estimate of 140,000.
“The job market’s downward drift brought us to slower-than-normal hiring after two years of outsized growth,” ADP chief economist Nela Richardson said in a statement.
— Fred Imbert”
www.cnbc.com/2024/09/04/stock-market-today-live-updates.html
BREAKING: August private payrolls in the US rose by 99,000, well below expectations of 144,000.
This marks the smallest gain since 2021.
What is happening to the labor market?
— The Kobeissi Letter (@KobeissiLetter) September 5, 2024
Layoffs soared in August, hitting their highest total for the month in 15 years, while year-to-date hiring reached a historic low, outplacement firm Challenger, Gray & Christmas reported Thursday.
Announced job cuts totaled 75,891 for the month, lurching 193% higher than July. Though the total was just 1% higher than the same month in 2023, it was the highest number for August going back to 2009, as the economy was still escaping the worst of the global financial crisis.
On the hiring front, companies said they were adding just 6,101 new workers, up by nearly 2,500 since July but down more than 21% from August 2023. The year-to-date hiring announcements of nearly 80,000 is the lowest total in history going back to 2005.
US Job Openings Decline to Lowest Level Since January 2021
- Vacancies fell to 7.67 million in July, below all estimates
- Layoffs rose to 1.76 million, highest level since March 2023