The ADP jobs report showed 91K jobs added in August, down from 109K-revised in July. Market estimate was 110K.
This miss is not causing a huge move in the markets.
Some reasurring comments from ADP's Prakken: The likelihood that we're actually in recession right now "is really very small."
Private-sector employment increased by 91,000 from July to August on a seasonally adjusted basis, according to the latest ADP National Employment Report®released today. The estimated advance in employment from June to July was revised down modestly to 109,000, from the initially reported 114,000. According to today's ADP National Employment Report, employment in the nonfarm private business sector rose 91,000 from July to August on a seasonally adjusted basis. Employment in the private, service-providing sector rose 80,000 in August, down from increases that averaged 115,000 per month over the prior two months. Employment in the private goods-producing sector rose 11,000 in August, while manufacturing employment slipped by 4,000.
A Bloomberg survey expected 110k jobs added in August, down from 114k last month.
Traders will look to this report, the ISM manufacturing index tomorrow and the NFP report on Friday to determine whether there will be more easing by the Fed. The possibility of QE means the data could have a big impact on the dollar and a mixed effect on stocks.
Earlier this morning Challenger showed a 23% decrease in layoffs from July.