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Private Sector Hiring Downshifts Sharply As Bond Bulls Look For Reprieve
If hemorrhaging bond bulls were praying for a downside miss from any of this week's key labor market data out of the US, they were granted a reprieve on Wednesday.
Private sector US employers added just 89,000 jobs in September, ADP said.
That was the fewest since the last negative print (in January of 2021). Consensus wasn't close. Economists collectively expected 150,000 from the headline. The range of estimates was 102,000 to 228,000.
Note that private hiring was running above 450,000 in
I’m inclined to believe ADP/NFP more than JOLTS at this point.
Think about all the company calls you’ve listened to lately. Who is still calling out a large and urgent hiring need?