ADP Report Suggests Further Job Losses In September
The September ADP Report showed a decline in private US payrolls of -254,000, August was revised from a loss of -298k to -277k. The ADP report has lagged the improvement in NFP's in recent months, however based on the NFP data we can expect non-farm payrolls to show further declines when that report is released this coming Friday. Economists will opine about an improving labor market outlook as job losses continue to get smaller each month. However for the 15 million Americans currently out of work, that kind of commentary is not particularly comforting.
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