Hiring by U.S. private employers slowed further in September, suggesting that tr...
WASHINGTON - Hiring by U.S. private employers slowed further in September, suggesting that trade tensions, which have pressured manufacturing, could be spilling over to the labor market.
It came on the heels of a survey on Tuesday showing manufacturing activity tumbled to a more than 10-year low in September. The reports added to cooling consumer spending in suggesting that the economy was losing momentum, though a recession is probably not on the horizon. Slowing job growth is a concern as it could curb consumer spending, which has been the economy’s main growth engine.
The ADP report, which is jointly developed with Moody’s Analytics, has a poor record predicting the private payrolls component of the government’s employment report. However, last month’s job gains fit in with economists’ expectations for moderate nonfarm payrolls growth in September.“I believe that Friday’s nonfarm payrolls will come in weaker than forecast,” said Kevin Giddis, chief fixed income strategist at Raymond James in Memphis, Tennessee.
In a separate report on Wednesday, the Institute for Supply Management-New York current business conditions index dropped to a reading of 42.8 last month, the lowest since May 2016, from 50.3 in August. Businesses were also downbeat about the outlook over the next six months.
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