ADP released its latest private sector jobs data, showing only 150,000 positions were added in June, below an expected 165,000. This marks the third straight month of slowing job creation. What does this mean for the labor market moving forward?
ADP chief economist Nela Richardson joins Wealth! to give insight into the latest ADP jobs data and what investors and American workers should keep in mind.
For workers who are looking for new jobs, Richardson warns, “This is not a hot sector market. It’s a cooling market. So the first thing to note is that it may take a little longer to find that next job than it would have taken a year ago. People are staying in their jobs longer. We saw that in the JOLTS data. The job openings, hiring and quits data that came out from the BLS earlier this week. Quits rates are about the same pace they were before the pandemic. So this is not a place where people are leaving jobs and there’s a lot of job openings that come to fruition.”
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