ADP Says Private Sector Job Losses Slowed to 2,500 Per Week
Private employers eliminated an average of 2,500 jobs a week during the four weeks ended Nov. 1, ADP said in a Tuesday (Nov. 18) press release.
On Oct. 25, ADP’s four-week moving average of private-sector job creation showed a loss of 14,250 jobs per week, according to NER Pulse data released by ADP in conjunction with the release.
Before that, ADP reported gains of 4,750 jobs per week on Oct. 18 and 14,000 jobs per week on Oct. 11, according to the data.
ADP’s Main Street Macro releases NER Pulse data three times a month and the National Employment Report at the beginning of each month, per the release.
In its most recent monthly report, which was released Nov. 5, ADP said the private sector added 42,000 jobs in October. That marked a turnaround from September, when the private sector shed 32,000 jobs.
“Private employers added jobs in October for the first time since July, but hiring was modest relative to what we reported earlier this year,” ADP Chief Economist Nela Richardson said at the time in a press release.
The University of Michigan’s preliminary November Consumer Sentiment Survey, released Nov. 7, found that sentiment fell for the fourth consecutive month and reached its lowest level since July 2022.
The university noted that concerns have broadened across all demographic groups, with consumers increasingly citing the federal government shutdown that was happening at the time and a weakening job market as reasons for pessimism.
The Federal Reserve Bank of New York’s October data, also released Nov. 7, showed that the mean perceived probability of higher unemployment one year from now rose for the third consecutive month and reached 42.5%. The perceived likelihood of finding a new job if displaced fell to 46.8%.
The Bureau of Labor Statistics said Friday (Nov. 14) that it will issue its employment situation release for September on Thursday (Nov. 20). The release was previously scheduled for Oct. 3 but was delayed by a lapse in appropriations.
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