The ADP jobs report that was published this morning brings up some serious concerns about the health of the labor market (or possibly the mathematical capabilities of the quants over at ADP). Economists predicted 100,000 new jobs to be reported today but what we saw was a -33,000. Last month was positive but low at 37,000. That brings the cumulative total jobs created over the last three months to 56,000 which is only 18,000 over month. We need to see 125,000 new jobs each and every month to keep up with population growth. But maybe the proposed 100,000 new ICE agents will take care of that(?).
The report shows that small businesses are hurting the most, while large leisure and hospitality conglomerates are the healthiest sector. I guess that shows that the those with means are not feeling the crunch (yet).
With Friday being the 4th of July, the BLS will issue their official Jobs Report tomorrow where those same economists expect 110,000 new jobs to have hit the likes of Indeed over the last 30 days, with the Unemployment Rate ticking up a tenth to 4.3%–still really low.
