Amidst continued uncertainty surrounding the release of official government employment data following the recent federal shutdown, investors and economists are closely watching private sector indicators for clues about the health of the U.S. labour market[[3]]. New data from the ADP research Institute and the Stanford Digital Economy Lab show a slowdown in job growth late last month[[1]]. The report indicates U.S. companies shed an average of 2,500 jobs per week during the four weeks ending November 1, following a modest rebound in October[[2]].
U.S. private sector employment decreased by an average of 2,500 jobs per week during the four weeks ending November 1, according to data released by ADP.
The findings, jointly published by the ADP Research Institute and the Stanford Digital Economy Lab, suggest a slowdown in labor market momentum late in October. This follows a report on November 5 showing a gain of 42,000 private payrolls in October, a slight rebound after two consecutive months of declines.
The ADP data provides a key indicator of labor market trends as the release of official government employment statistics has been delayed due to the recent government shutdown. While government agencies have now reopened, the timing of the release of October economic data remains uncertain.
The U.S. Bureau of Labor Statistics (BLS) is scheduled to release September employment figures on November 20, with economists forecasting a gain of 55,000 nonfarm payrolls. The delayed data release has heightened investor focus on alternative economic indicators.
Related: September U.S. Employment Data to be Released November 20 Following Government Reopening
Original article: US Companies Shed 2,500 Jobs as October Drew to a Close (excerpt)
(Updating with more details)
