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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, “

☆ Private sector payrolls rose 113,000 in October, less than expected, ADP says
▼ + stars: | 2023-11-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Private sector payroll growth increased modestly in October but missed expectations, in a potential sign that the employment picture could be darkening, ADP reported Wednesday. On wages, ADP said pay was up 5.7% from a year ago, the smallest annual gain since October 2021. "In all, October's numbers paint a well-rounded jobs picture. The release comes two days ahead of the Labor Department's official nonfarm payrolls report, which is expected to show an increase of 170,000 and includes government jobs, unlike ADP. The counts from ADP and the government can differ substantially, as they did in September when the Labor Department reported a gain of 336,000, more than three times the ADP estimate.

Persons: Dow Jones, Nela Richardson, it's Organizations: CVS Health Corp, Dow, Labor, Labor Department Locations: San Francisco , California

☆ What to expect from today’s Fed meeting
▼ + stars: | 2023-11-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

That would be the second consecutive meeting the Fed keeps rates unchanged. But that doesn’t mean the Fed is done hiking rates. Still, hawkish Fed officials — those who back a more aggressive approach to addressing inflation — believe there’s more room to raise rates. Domestic spending has continued at a strong pace and the labor market remains tight,” Fed Governor Michelle Bowman said last month in Morocco. The strong economy will likely slowDespite the Fed’s 11 rate hikes since March 2022, the US economy has displayed remarkable resilience.

Persons: Jerome Powell, “, ” Powell, Michelle Bowman, ” Luke Tilley, Powell, Banks, ”, Nela Richardson Organizations: DC CNN, Federal Reserve, hawkish Fed, ”, Labor Department, Wilmington Trust, CNN Locations: Washington, New York, Morocco, Wilmington, Israel

☆ Inflation is 'always going to be a risk' with the U.S. economy now fundamentally changed, ADP chief economist says
▼ + stars: | 2023-10-06 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Surveys suggest that despite cooling inflation and jobs gains, Americans remain deeply skeptical of the president's handling of the post-pandemic economy. Photographer: Al Drago/Bloomberg via Getty Images Al Drago | Bloomberg | Getty ImagesInflation is "always going to be a risk" in the U.S. due to structural changes in the labor market, according to Nela Richardson, chief economist at payroll processing firm ADP. Prior to that, interest rates had remained low for a decade as central banks around the world looked to stimulate their respective economies in the wake of the global financial crisis. "This was an economy built on very close to zero interest rates for 10 years of economic expansion, and that was OK because inflation was super low," she said. watch now"But now inflation has awakened, and if you look at demographic trends, labor shortages are not going away.

Persons: Al Drago, Nela Richardson, Richardson, It's Organizations: Bloomberg, Getty, U.S . Federal Reserve, Market Committee, Dow Jones Locations: Ocean City , New Jersey, US, U.S

☆ U.S. labor shortages and inflation risks are here to stay, ADP chief economist says
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. labor shortages and inflation risks are here to stay, ADP chief economist saysADP Chief Economist Nela Richardson discusses the state of the U.S. labor market and the broader outlook for the world's largest economy.

Persons: Nela Richardson

Employers added only 89,000 jobs in September, well below expectations, private payroll firm ADP said on Wednesday. "We are seeing a steepening decline in jobs this month," said Nela Richardson, chief economist at ADP. The report is the second to come this week on the health of the job market. On Tuesday, the Labor Department issued its report on job openings for August, with a surprising 9.6 million jobs available. While the job market has slowed in 2023, it still remains tight by historical standards.

Persons: Nela Richardson, ”, Lightcast, Rachel Sederberg, Julia Pollak, José Torres Organizations: ADP, Federal Reserve, Labor Department, Interactive Brokers

☆ The private sector added just 89,000 jobs last month, far below expectations
▼ + stars: | 2023-10-04 | by ( Alicia Wallace | ) edition.cnn.com time to read: +3 min

Minneapolis CNN —US employers in the private sector added an estimated 89,000 jobs in September, a much lower total than expected and a potential indication of a sharp pullback in the labor market, payroll processor ADP reported Wednesday. The September tally landed well below economists’ estimates for 153,000 jobs added, as well as August’s upwardly revised total of 180,000 jobs added. While ADP’s tabulations don’t always correlate with the official federal jobs report — due out Friday — it’s sometimes viewed as a proxy for overall hiring activity, which has been gradually easing. “We’ve seen other times when we’ve had a relatively weak private sector number sandwiched between two stronger months,” Richardson said during a call with reporters. The BLS is set to release the all-important monthly jobs report for September at 8:30am ET on Friday.

Persons: ”, Nela Richardson, tabulations, it’s, We’ve, we’ve, ” Richardson, Ian Shepherdson, ” Shepherdson Organizations: Minneapolis CNN, ADP, ”, of Labor Statistics, Labor Locations: Minneapolis

☆ Private payrolls rose 89,000 in September, far below expectations, ADP says
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPrivate payrolls rose 89,000 in September, far below expectations, ADP saysCNBC’s Steve Liesman and ADP chief economist Nela Richardson join ‘Squawk Box’ to break down September ADP payrolls data, which tailed off sharply for the month.

Persons: Steve Liesman, Nela Richardson, ‘

☆ Private payrolls rose 89,000 in September, much fewer than expected, ADP says
▼ + stars: | 2023-10-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Private payroll growth tailed off sharply in September, according to an ADP report Wednesday that provides a counterweight to other signs that the labor market is still running strong. The payroll processing firm said job growth totaled just 89,000 for the month, down from an upwardly revised 180,000 in August and below the 160,000 estimate from economists polled by Dow Jones. Economists estimate non-farm payrolls increased by 170,000 in September, down from a 187,000 increase in August, according to Dow Jones. The report comes a day after the Labor Department said job openings unexpectedly rose sharply in August. ADP said job growth was strongest at companies with fewer than 50 employees, a sector that added 95,000 positions.

Persons: Dow Jones, Job, Nela Richardson Organizations: Federal Reserve, ADP, Labor Department, Labor Locations: New Brighton , Minnesota

☆ The best time to quit and land a higher-paying job could be right after you get promoted
▼ + stars: | 2023-09-27 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

In fact, an ADP analysis found that US workers were more likely to leave after getting promoted. AdvertisementAdvertisementIf they hadn't been promoted, the researchers estimated that only 18% of these workers would have left. It wasn't until six months after a promotion that the promoted and non-promoted had roughly the same odds of leaving their companies. While the 29% figure might not be quite so high today, the question remains: Why were recently promoted workers more likely to leave? It's possible some workers were already planning to switch jobs, and getting promoted didn't change their minds.

Persons: —, Nela Richardson, Richardson Organizations: Service, ADP Research

☆ Under-the-radar burnout is crushing America's managers
▼ + stars: | 2023-09-09 | by ( Noah Sheidlower | Madison Hoff | ) www.businessinsider.com time to read: +6 min

A higher share of managers are looking for new roles than non-managers, Gallup found. This comes at a time when, overall, managers are experiencing higher levels of burnout and disengagement than their staff, the Gallup post said. "For many managers, they are being asked to communicate and enforce requirements that they personally may not prefer." AdvertisementAdvertisementAdditionally, compared to their staff, managers are more likely to be looking for a job, Gallup found. Managers are also more likely to feel like their organization cares little about their wellbeing, Gallup found.

Persons: Gallup, Gallup's Heather Barrett, Nela Richardson, Richardson, Heather Barrett, Barrett, — Organizations: Service, Gallup, Fortune, Companies, ADP, ADP Research Institute, ADP Research Locations: Wall, Silicon

☆ The Fed cares a lot about jobs data — but it may be getting mixed signals
▼ + stars: | 2023-09-04 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +7 min

The answer matters a lot to Federal Reserve officials who closely monitor the labor market. Some Fed officials believe more rate hikes are needed to cool the labor market. But the gap between ADP and BLS data does not automatically narrow when comparing ADP to BLS estimates of only private-sector jobs. Between the two, it’s difficult to say which is a better predictor of the true state of the labor market. Ultimately, ADP and BLS data “become checks on each other,” she told CNN.

Persons: It’s, ” Nela Richardson, Richardson, Sarah House, ”, Erica Groshen, Groshen, ” Richardson, House, “ Organizations: New, New York CNN, of Labor Statistics, ADP, BLS, Federal Reserve, Fed, CNN, Bureau of Labor Statistics, Cornell University Locations: New York, Wells Fargo, “, United States

☆ U.S. job growth slowed sharply to 177,000 in August, below expectations, ADP says
▼ + stars: | 2023-08-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Job creation in the United States slowed more than expected in August, according to ADP, a sign that the surprisingly resilient U.S. economy might be starting to ease under pressure from higher interest rates. The firm reported Wednesday that private employers added 177,000 jobs in August, well below the revised total of 371,000 jobs added in July. ADP also reported that pay growth slowed for workers who changed jobs and those who stayed in their current positions. The ADP report has traditionally been seen as a signal of what the Department of Labor's monthly jobs report will show. The Department of Labor's jobs report is due out on Friday.

Persons: Dow Jones, Nela Richardson, Jerome Powell Organizations: ADP, Labor, Federal Locations: Manhattan, New York City, United States

That sobering view of a post-pandemic global economy emerged from research organized by the Kansas City Federal Reserve and debated here this past weekend. "This puts us in a bleak setting, thinking about the parts of the world that are labor rich but capital poor," he said. "I do remember a time, maybe a more naive time...when more trade would create friends," said Ben Broadbent, deputy governor of the Bank of England. If there was a potential bright spot, it was around the discussion of advances in artificial intelligence as a possible driver of higher productivity. Reporting by Howard Schneider; Editing by Dan Burns and Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Persons: JACKSON, Pierre, Olivier Gourinchas, Gourinchas, Maurice Obstfeld, Barry Eichengreen, Eswar Prasad, Donald Trump, Biden, Jared Bernstein, Bernstein, Ben Broadbent, Ngozi Okonjo, Iweala, Trump, Nela Richardson, Howard Schneider, Dan Burns, Andrea Ricci Organizations: Kansas City Federal Reserve, U.S, Monetary Fund, Fed, Peterson Institute for International Economics, International Monetary Fund, University of California, Cornell University, U.S . White House Council, Economic, Biden, Bank of England, Trade Organization, Thomson Locations: , Wyoming, Ukraine, China, West, Washington . China, U.S, Berkeley, Japan, Nigeria, Russian, Europe

☆ Private sector added 324,000 jobs in July, well above expectations, ADP says
▼ + stars: | 2023-08-02 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Sinking Spring, PA - April 19: The sign at the McDonald's restaurant on Penn Ave in Sinking Spring, PA April 19, 2021 with a message on a board below it that reads "Work Here $15 $15 $15". (Photo by Ben Hasty/MediaNews Group/Reading Eagle via Getty Images)Private sector companies added far more jobs than expected in July, pushed higher by a boom in leisure and hospitality jobs, payroll processing firm ADP reported Wednesday. Job gains for the month totaled 324,000, driven by a 201,000 jump in hotels, restaurants, bars and affiliated businesses. The ADP report serves as a precursor for Friday's more widely followed nonfarm payrolls count from the Labor Department's Bureau of Labor Statistics. Also of note from the ADP report was that the job gains were concentrated in firms with fewer than 50 employees, which were responsible for 237,000 positions.

Persons: Ben Hasty, Dow Jones, Nela Richardson, nonfarm Organizations: Penn, MediaNews, Getty Images, Dow, Reserve, Goods, Labor Department's Bureau of Labor Statistics, BLS, ADP Locations: PA

☆ Small businesses boost US private payrolls in July
▼ + stars: | 2023-08-02 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

REUTERS/Amira Karaoud/File photoSummary Private payrolls increase by 324,000 in JulyWage growth gradually slowingWASHINGTON, Aug 2 (Reuters) - U.S. private payrolls rose more than expected in July as small businesses boosted hiring, pointing to continued labor market resilience that could shield the economy from a recession. Private payrolls increased by 324,000 jobs last month after surging by 455,000 in June, according to ADP. MANUFACTURING DRAGHiring at small business, establishments with one to 49 employees increased 237,000, accounting for more than two-thirds of the gain in private payrolls last month. It has not been a reliable gauge in forecasting private payrolls in the BLS employment report. According to a Reuters survey of economists, the BLS is likely to report that private payrolls increased by 179,000 jobs in July.

Persons: Amira Karaoud, Christopher Rupkey, Nela Richardson, It's, Daniel Silver, Lucia Mutikani, Paul Simao Organizations: REUTERS, Federal Reserve, ADP, Reuters, Treasury, Fed, Stanford Digital Economy, U.S . Bureau of Labor Statistics, BLS, JPMorgan, Thomson Locations: Louisville , Kentucky, U.S, WASHINGTON, New York

☆ The ‘Great Resignation’ Is Over. Can Workers’ Power Endure?
▼ + stars: | 2023-07-06 | by ( Ben Casselman | More About Ben Casselman | ) www.nytimes.com time to read: +1 min

Wage growth has slowed, especially in the low-paying service jobs where it surged as turnover peaked in late 2021 and early 2022. Employers, though still complaining of labor shortages, report that it has gotten easier to hire and retain workers. Ms. Richardson compared the labor market to a game of musical chairs: When the economy began to recover from pandemic shutdowns, workers were able to move between jobs freely. “Everyone knows the music is about to stop,” Ms. Richardson said. Ms. Moya, 38, became one of the millions of Americans to start a small business during the pandemic.

Persons: ”, Nela Richardson, Ms, Richardson, ” Aubrey Moya, —, Moya Organizations: Employers

☆ The economy is strong enough to slip into an expansion which is good for stocks: Fundstrat's Tom Lee
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe economy is strong enough to slip into an expansion which is good for stocks: Fundstrat's Tom LeeNela Richardson, ADP Chief Economist, and Tom Lee, Fundstrat head of research, join 'Last Call' to talk the stock market's reaction to the ADP private payroll numbers.

Persons: Tom Lee Nela Richardson, Tom Lee, Fundstrat Organizations: ADP

☆ Watch CNBC's full interview with Nela Richardson and Tom Lee
▼ + stars: | 2023-07-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Nela Richardson and Tom LeeNela Richardson, ADP chief economist, and Tom Lee, Fundtrat head of research, join 'Last Call' to talk the stock market's reaction to the ADP private payroll numbers.

Persons: Nela Richardson, Tom Lee Nela Richardson, Tom Lee, Fundtrat

☆ Private sector companies added 497,000 jobs in June, more than double expectations, ADP says
▼ + stars: | 2023-07-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The U.S. labor market showed no signs of letting up in June, as companies created far more jobs than expected, payroll processing firm ADP reported Thursday. Private sector jobs surged by 497,000 for the month, well ahead of the downwardly revised 267,000 gain in May and much better than the 220,000 Dow Jones consensus estimate. Annual pay rose at a 6.4% rate, representing a continued slowing that nonetheless still is indicative of brewing inflationary pressures. "Consumer-facing service industries had a strong June, aligning to push job creation higher than expected," said Nela Richardson, chief economist at ADP. "But wage growth continues to ebb in these same industries, and hiring likely is cresting after a late-cycle surge."

Persons: Nela Richardson Organizations: Dow Jones, ADP Locations: payrolls

☆ First there was quiet quitting. Now it's become grumpy staying.
▼ + stars: | 2023-06-28 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Quiet quitting is getting louder as more unhappy workers are staying put. Welcome to grumpy staying, in which workers begrudgingly skate by in a tightening job market. Gallup's 2023 State of the Global Workplace report, which surveyed 122,416 workers across the world, found that 59% of employees are quiet quitting — and 18% are "loud quitting." Welcome to "grumpy staying," where workers don't have the leverage to quit, and some aren't too pleased about staying. Are you grumpy staying at your job?

Persons: —, Insider's Ashley Stewart, Stewart, Nela Richardson, hasn't Organizations: Service, Privacy, Workers, Microsoft, Gallup, ADP Locations: Salesforce

☆ The US labor market is still red-hot, adding 339,000 jobs in May
▼ + stars: | 2023-06-02 | by ( Madison Hoff | Andy Kiersz | ) www.businessinsider.com time to read: +4 min

The unemployment rate climbed to 3.7% in May, according to the jobs report on Friday. This monthly job growth came in far above the forecast of 180,000. Job openings data for April was released by the BLS on Wednesday. Data from the Job Openings and Labor Turnover Survey (JOLTS) showed that after a few months of job openings consecutively falling, there was an uptick from March to April. The number of layoffs and discharges fell by 264,000 from March to April to 1.6 million, according to the latest JOLTS report.

Persons: —, Daniel Zhao, Glassdoor's, Nick Bunker, Nela Richardson Organizations: Service, payrolls, Labor Statistics, BLS, Bureau of Labor Statistics, Federal Reserve, Labor, Bank of America Institute, Bank of America

☆ Private payrolls rose by 278,000 in May, well ahead of expectations, ADP says
▼ + stars: | 2023-06-01 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The U.S. labor market posted another month of surprising strength in May as companies added jobs at a pace well above expectations, according to a report Thursday from payroll processing firm ADP. Private sector employment increased by a seasonally adjusted 278,000 for the month, ahead of the Dow Jones estimate for 180,000 and a bit lower than the downwardly revised 291,000 in April. Trade, transportation and utilities posted an increase of 32,000 while the other services category added 12,000. "This is the second month we've seen a full percentage point decline in pay growth for job changers," ADP chief economist Nela Richardson said. The Labor Department said private payrolls rose by 230,000 in April.

Persons: Dow Jones, Nela Richardson, ADP's Organizations: ADP, Labor, Labor Department Locations: Novato , California, The U.S, Trade

☆ The 'great resignation' has become the 'big stay,' says economist: How Gen Z, millennials can benefit
▼ + stars: | 2023-05-19 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

After two years of record-high quits, the "great resignation" could be fizzling out. But the great resignation, a trend that spawned a million colloquialisms and widespread panic among bosses, isn't driven entirely by economics. "The great resignation, at its core, is a people shock," Richardson explains. The labor market is 'starting to re-balance'The demand for talent and supply of candidates is finally evening out. While there are still a lot of job openings, these numbers are nowhere near the historically high level that spurred the great resignation.

☆ The Great Resignation is giving way to the 'Big Stay' as job-hopping slows down
▼ + stars: | 2023-05-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

It may be accurate to say the quitting situation is evolving into the "Big Stay," per ADP's chief economist. "The Big Quit of 2022 could be easing into the Big Stay of 2023," Richardson wrote in her recent commentary. "A year later, all three of these dynamics are abating, and the great resignation itself is looking like a thing of the past." Pollak said that "to the extent that there is a big stay, it is not taking place across the economy." Even if the Great Resignation might not be prevalent in all areas of the economy right now, it could emerge again.

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