October 3, 2019 Comments Off on September’s Slowdown: ADP Reports Private Sector Employers Turn Cautious Views: 775 California News, Top California

September’s Slowdown: ADP Reports Private Sector Employers Turn Cautious

Private sector employment increased by 135,000 jobs from August to September according to the September ADP National Employment Report. Researchers warn the latest numbers are a sign hiring is slowing.

ADP reported Wednesday that mining cut 3,000 jobs, while manufacturing added just 2,000 jobs. Health care providers boosted their ranks by 35,000 jobs, though the category that includes hotels and restaurants added 18,000 more jobs.

ADP Research Institute’s Ahu Yildirmaz says, “The job market has shown signs of a slowdown. The average monthly job growth for the past three months is 145,000, down from 214,000 for the same time period last year.”

The pacing of last month’s job gains did help maintain the current unemployment rate. Though signs of widespread layoffs are not evident, companies’ demand for labor has waned in the past six months after pushing up average monthly hiring last year to 225,000.

Mark Zandi, chief economist of Moody’s Analytics, which compiles the ADP data, said, “Businesses have turned more cautious in their hiring. Small businesses have become especially hesitant. If businesses pull back any further, unemployment will begin to rise.”

Read more at ADP Report

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