- Prior was +54K (revised to -3K)
Details
- Goods producing -3K vs +13K prior
- Service providing -28K vs +42K prior
- Trade/transportation/utilities -7K vs -17K prior
- Leisure/hospitality -19K vs +50K prior
- Median pay for job stayers 4.5% vs 4.4% prior
- Median pay for job changers 6.6% vs 7.1% prior
This is likely to be the only jobs report we get for September as the US government is now in a shutdown. If it's not resolved by Friday, we won't get the non-farm payrolls report.
This is a big miss and we're now pricing in 47 bps in easing by year end and 104 bps in the year ahead.
“Despite the strong economic growth we saw in the second quarter, this month's release further validates what we've been seeing in the labor market, that U.S. employers have been cautious with hiring,” said Nela Richardson, chief economist at ADP.
The US dollar is slumping across the board with USD/JPY down about 40 pips on the headline to a session low at 146.62.
ADP employment chart
