All articles tagged with #private sector hiring
Despite economic concerns, private sector hiring surged in April with the highest number of hires in a year, and job openings remain high, indicating a strong labor market. Quits decreased, and layoffs remain low, suggesting the pandemic-era labor market churn has slowed to healthier levels.
The ADP Jobs Report indicates a slowdown in private-sector hiring, with 146,000 jobs added last month, down from 188,000 in October, suggesting a cooling labor market. This slowdown, coupled with wage growth for job stayers and a decrease in the wage premium for job changers, strengthens the case for a potential Federal Reserve interest rate cut in December. Despite mixed industry performance, stock futures rose following the report, while Treasury yields remained steady. The Labor Department's upcoming nonfarm payrolls report will be closely watched for further insights.