Jobs give us money. And everyone likes money. So, everyone, more or less, likes jobs. It's a problem when there aren't enough jobs.
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe, according to payroll company ADP. That's the lowest figure in more than three-and-a-half years, and sharply lower than the expected 140,000. Payroll reports by ADP often diverge from official Labor Department job numbers, but they differed by just 8,000 in July.
On Thursday, ADP reported private payrolls in the U.S. grew by just 99,000 in August – the first time it's dipped below six figures since January 2021, and 41,000 fewer than expected. That's not a great sign for the U.S. economy. Worse, it comes afterLosses were perhaps moderated because labor market data was mixed. There were only 227,000 jobless claims for the week ending Aug. 31, lower than both the Dow Jones consensus forecast and the previous week's number of claims.
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