- Lowest reading since July
- Prior was +183 (revised to +186K)
- Goods producing +42K vs -6K prior
- Service providing +36K vs +190K prior
- Pay gains for job stayers 4.7% vs 4.7% prior
- Pay growth for job changers 6.7% vs 6.8% prior
“Policy uncertainty and a slowdown in consumer spending might have led to
layoffs or a slowdown in hiring last month. Our data, combined with
other recent indicators, suggests a hiring hesitancy among employers as
they assess the economic climate ahead,” said Nela Richardson, chief economist at ADP.
The data showed weakness in the US south and west with losses in education/health, trade/transportation/utilities and information.On the upside, the manufacturing side was strong which is the opposite of what the ISM manufacturing survey said.
This article was written by Adam Button at www.forexlive.com.
