The Homa Files

Punch line: Ahead of the government’s official monthly job report, ADP forecasts a slowdown in job growth.

Macroeconomic Advisers went on to predict that the unemployment rate would likely still be above 8% a year from now.

* * * * *
Excerpted from CNN Money’s, “Private sector hiring slowed in September”

Private employers added 162,000 jobs in the month … which marks a slowdown from August, when ADP said private employers added 189,000 jobs.

“While this number today is above consensus, it’s hardly a strong number,” said Joel Prakken, chairman of Macroeconomic Advisers. “It’s only barely above the pace that would push the national unemployment rate down.”

The unemployment rate stood at 8.1% in August, and economists surveyed by CNNMoney predict it remained there in September.

Given weak economic forecasts for the foreseeable future, Prakken said he wouldn’t be surprised to see the unemployment rate still above 8% a year from now.

The ADP report is monitored closely since it comes just days before the government’s official monthly job report, due Friday. But the ADP figures are often not a great predictor of what the Labor Department will report.

Edit by JDC

>> Latest Posts

This entry was posted on October 4, 2012 at 2:25 pm and is filed under ADP, empl, Employment - Jobs, Unemployment. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.