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☆ ADP: Employers Add 113,000 Workers in October
  + stars: | 2023-11-01 | by ( Tim Smart | Nov. | At A.M. | ) www.usnews.com   time to read: +2 min
Private employers added 113,000 workers in October, led by the education and health care sectors, payroll firm ADP said on Wednesday. “No single industry dominated hiring this month, and big post-pandemic pay increases seem to be behind us,” said ADP Chief Economist Nela Richardson. Political Cartoons on the Economy View All 605 ImagesThe ADP report kicks off the week’s focus on employment data. “The 1.1% rise in the Employment Cost Index in Q3 was a touch stronger than expected but showed labor cost pressures continue to slowly ease on trend,” said Wells Fargo economists. “With the ECI still running north of 4%, labor cost growth remains too high to be consistent with the Fed's 2% inflation target.
Persons: ”, Nela Richardson, “, it's, Wells, Rucha Vankudre, ” Vankudre Organizations: Labor Department, “
☆ Why did we get a monster jobs report if the economy is slowing?
  + stars: | 2023-02-04 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +6 min
And yet, even though it seemed impossible, the labor market is somehow getting tighter, said Rucha Vankudre, senior economist at business analytics firm Lightcast. “I think pretty much all the labor economists in the country this morning are shocked,” Vankudre said Friday during a webinar after the jobs report was released. The January jobs report shouldn’t trigger a wholesale change of what Fed members are thinking or what they were planning on doing before this report, Sarah House, senior economist at Wells Fargo, told CNN. Strong labor market in a slowing economy? January’s jobs report came with added complexity, because it included annual updates to populations estimates and revisions to employer survey data.
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