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‘Notable Pockets Of Weakness’ Spotted In US Labor Market
There are "notable pockets of weakness" in the US labor market, ADP said Wednesday, editorializing around a relatively soft headline private hiring print.
At 152,000, the release came up short of consensus. Economists wanted 175,000.
To be sure, 152,000 hardly counts as "bad." But the miss nevertheless adds to a string of downside first- and second-tier prints which together suggest the US economic colossus is finally losing momentum.
Recall that private hiring picked up meaningfully in Feb
Rates cuts are back on the menu, I would imagine…
I consulted an “expert” in job changing for more pay- to hear, anecdotally, from the people in the street what is going on.
My daughter, who has changed jobs 3 times for more pay in the past two years (the 3rd change was back to her second employer), reported to me that “it no longer makes sense to try to change jobs for more pay…those situations are no longer readily available”.
🙂