ADP Report Indicates Slowing Pace of Rehires
The Bureau of Labor Statistics (BLS) monthly employment report (scheduled for release on Friday morning) is arguably the most important economic data release we’ll see this month. The pace of job growth (or the re-adding of pandemic-related jobs lost earlier this year) is clearly slowing. This morning, the ADP employment change report showed +428k jobs were added to business payrolls in August, falling well short of the median forecast of one million. After 19.4 million jobs were dropped from ADP payrolls in April, roughly 8.5 million have now returned over a four-month period with about 90% of these coming in May and June.