ADP is now going to releases estimates of employment numbers weekly and their first reading is 14,250 jobs. That’s for the four weeks ending October 11.
Here is the official release.
It will be released each Tuesday:
“The preliminary U.S. estimate will provide a four-week moving average of the latest total private employment change, offering the most current, representative picture of the private-sector labor market.”
Reading the release, it’s not clear if this is an average of 14,250 jobs per week over the past four weeks or 14,250 jobs total over four weeks? Either way, it’s not a great number. I think it’s the 14,250 total reading because it says it’s a preliminary estimate of the month report but it can be read both ways.
The reports on the jobs market are undoubtedly poor. Over the past two weeks, here are some announcements:
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General Motors – 200 salaried staff
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Target – 1,800 corporate jobs
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Applied Materials – ~1,444 employees (4% of workforce)
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Charter Communications – ~1,200 employees (about 1% of workforce)
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Amazon – Up to 15% of HR staff plus other divisions including up to 30,000 jobs starting today
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Molson Coors – 400 salaried jobs
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Nestlé – 16,000 jobs worldwide over two years
I can’t take anyone seriously who doesn’t see massive job losses due to AI and no one has a plan or a decent theory on what will happen afterwards. For now, the only thing that’s clear is that the Fed is going to keep cutting.
This article was written by Adam Button at investinglive.com.