ADP data on private sector employment was disappointing and pointed to a potential weak national joblessness announcement on Friday.
The information, added to consumer confidence, housing, and a faltering manufacturing environment are more indications the the US economy may show negative GDP in this quarter
ADP:
“Private sector employment decreased by 10,000 from July to August on a seasonally adjusted basis, according to the latest ADP National Employment Report® released today. The estimated change of employment from June to July was revised down slightly, from the previously reported increase of 42,000 to an increase of 37,000. The decline in private employment in August confirms a pause in the recovery already evident in other economic data. The deceleration in employment was evident in the major sectors and by size of business. This month’s decline in employment followed six monthly increases from February through July. Over those six months the average monthly gain in employment was 37,000 with no evidence of acceleration.”
Douglas A. McIntyre
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