Economy Labor market growth slows dramatically in August with U.S. adding just 54,000 jobs, ADP says

Not funny, not witty not cute to wish for demise and bread lines.

I suspect when the dust settles, doing the right things now will result in an improved USA going forward (as implied above by Canadian).

Companies need to re-assess w/o illegals. Can they get nose-ringed Starbucks chick to actually work? White punks on dope? Can ghetto blacks put down the drugs & guns and actually get to any job site? A year w/o the brown, yes. Yes indeed.

Companies have never had it so blatantly EASY to find good workers. The "take pride in your work" schtick is thankfully over. Thats empty rhetoric. A job has zero to do with "pride" and is only a means to a paycheck. Job hoppers are now the workforce. Good.
 
ADP reported that private payrolls came in substantially lower than forecast for August. August private hiring was half of July.

  • U.S. private sector hiring rose less than expected in August and significantly cooled from the prior month, according to the ADP.
  • Private payrolls increased by just 54,000 in August, well short of the 75,000 estimate from economists polled by Dow Jones and down from the revised gain of 106,000 jobs added in July.
  • Thursday’s release adds to an already concerning picture of the labor market.
U.S. private sector hiring rose less than expected in August, data released Thursday shows, offering the latest indication of trouble in the labor market.

Private payrolls increased by just 54,000 in August, according to data from processing firm ADP published Thursday morning. That’s below the consensus forecast of 75,000 from economists polled by Dow Jones and marks a significant slowdown from the revised gain of 106,000 seen in the prior month.

“The year started with strong job growth, but that momentum has been whipsawed by uncertainty,” said Nela Richardson, ADP’s chief economist, in a press release.

Richardson pointed to rising worries from consumers, labor shortages and disruptions tied to artificial intelligence as potential drivers of this decrease in growth.

Jobs tied to trade, transportation and utilities saw particular weakness in August, with the group losing 17,000 roles on net, according to the ADP. Education and health services followed, recording a decline of 12,000 jobs.

But those losses were offset in part by a boom in the leisure and hospitality industry, which added 50,000 jobs in the month.

Wage growth maintained the same pace in August. Those staying in their roles saw their pay rise 4.4% year-over-year, while job changes recorded a 7.1% increase over the same period.

Thursday’s ADP report adds to an already concerning picture of the labor market.

Jobless claims increased to 237,000, up 8,000 from the prior week and above estimates, per data also published Thursday morning. The Job Openings and Labor Turnover Survey registered one of its worst levels for job openings in July since 2020, according to government figures released Wednesday.
Well yeah..... Employers are leaving the jobs empty rather than paying the extra money people need to live on.
 
Well yeah..... Employers are leaving the jobs empty rather than paying the extra money people need to live on.

I got a 2-part response:

I have no doubt that employers are leaving some jobs open, especially if their business involves tariffed items. Too much uncertainty there. A protracted gov't shutdown doesn't help either.

The other thing is, employers do not and should not pay extra money that people need to live on, that is not their responsibility. Not now or any other time. That is on the individuals to make themselves more valuable; if you ain't worth $20/hr then you shouldn't be paid $20/hr and whether you're single or married with kids does not enter into the discussion.
 
I got a 2-part response:

I have no doubt that employers are leaving some jobs open, especially if their business involves tariffed items. Too much uncertainty there. A protracted gov't shutdown doesn't help either.

The other thing is, employers do not and should not pay extra money that people need to live on, that is not their responsibility. Not now or any other time. That is on the individuals to make themselves more valuable; if you ain't worth $20/hr then you shouldn't be paid $20/hr and whether you're single or married with kids does not enter into the discussion.
Good points.....

I only mentioned it because the left can't decide what they want. They're always bitching them out the level of employee wages compared to those of the CEOs. Now it seems they're bitching that the cheap wages are leaving. I mean you can't have it both ways.

I agree that people should become responsible for their own self-worth and value to an employer.

To some extent I also believe there are employers who will exploit unnecessarily. However nobody is obligated to be an employer and I shudder to think what might become of the nation should we suddenly decide we don't need employers.

Jo
 
To some extent I also believe there are employers who will exploit unnecessarily. However nobody is obligated to be an employer and I shudder to think what might become of the nation should we suddenly decide we don't need employers.

Same thing for investors, somebody has to put-up the startup money to get an enterprise up and running. And if you make it more expensive/difficult to do so (higher taxes, more regs) then you don't get as many new businesses and consequently fewer employed people. Which is why I won't vote for a democrat.
 

New Topics

Back
Top Bottom