All articles tagged with #adp payrolls
The ADP National Employment Report indicates a decline of 32,000 private sector jobs in September, signaling potential softening in the labor market, especially as the upcoming government jobs report may be delayed due to a government shutdown. This decline is the largest since March 2023 and raises concerns about economic momentum and the Federal Reserve's upcoming interest rate decision.
U.S. Treasury yields declined sharply following weak private sector job growth in May, the lowest in over two years, prompting President Trump to urge the Fed to cut interest rates amid concerns over slowing economic growth, trade tensions, and rising steel tariffs.
US stocks, including the S&P 500, Nasdaq Composite, and Dow, rose slightly following a soft ADP payrolls gain and a downward revision of Q2 economic growth. The tech-heavy Nasdaq Composite was up 0.7%, while the S&P 500 and Dow were up 0.5% and 0.4% respectively. The ADP report showed private payrolls up 175K, lower than expected, but had little impact on rates. The market rally on Tuesday was driven by weak economic data, including a slump in job openings and a drop in consumer confidence, which reduced expectations of further rate hikes by the Federal Reserve. Revised Q2 GDP numbers were also lower than expected.