ADP jobs report is weak for second month in a row
The numbers: Businesses in the U.S. created just 113,000 new jobs in October, payroll processor ADP said, in a potential sign of a slackening labor market.The ADP payroll estimate can offer clues on the strength of the labor market, but it’s not an accurate predictor of the government’s official employment report that follows a few days later.
The government on Friday is expected to report that 170,000 new jobs were created in October, including new hires in government. ADP’s report excludes government employment. Big picture: The labor market may have softened a bit, but it’s still quite strong. Layoffs are near record lows and the unemployment rate is only 3.8%.
Normally, that is great news. Yet the Fed would like to see slower growth in hiring and wages to help the central bank in its effort to reduce inflation. Market reaction: The Dow Jones Industrial Average DJIA, +0.38% and S&P 500 SPX, +0.65% were set to open lower in Wednesday trades.
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