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ADP Employment Grows At Slowest Pace In 11 Months As Small Business Slumps

Courtesy of ZeroHedge. View original post here.

Following August's huge (4 sigma) beat, ADP reports September's payrolls rose just 135k (meeting expectations) for the weakest growth since October 2016 (presumably affected by the storms – which did not seem to negatively affect ISM).

“In September, small businesses experienced a dip in hiring,” said Ahu Yildirmaz, vice president and cohead of the ADP Research Institute. “This is in part due to Hurricane’s Harvey and Irma which significantly impacted smaller retailers.

“In addition, the continued slow down we have seen in small business hiring could be due to a lack of competitive compensation to attract skilled talent.”

Mark Zandi, chief economist of Moody’s Analytics, said, “Hurricanes Harvey and Irma hurt the job market in September. Looking through the storms the job market remains sturdy and strong.”  

The smallest businesses suffered the most with an 11k drop with service-providing jobs (in this cohort) plunging 18k (the most since 2009) even as goods-producing rose 7.7k

Full breakdown…

ADP Infographic…

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     ADP National Employment Report: Private Sector Employment Increased by 135,000 Jobs in September<br /><br />


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