While we won’t have the complete picture from the Labor Department until Friday, the ADP’s jobs report just provided a grim preview.
According to CNBC:
Job creation at private companies tumbled in July, ADP reported.
Employers added 330,000 positions for the month, a sharp deceleration from the downwardly revised 680,000 in June. It’s also well below the 653,000 Dow Jones estimate. June’s final total fell from the initial estimate of 692,000.
July’s job growth was also the smallest gain since February.
The ADP’s National Employment Report is based off payroll data of approximately 400,000 U.S. business clients, and is always released two days ahead of the government’s data. Since ADP is the largest payroll provider in the U.S., their numbers tend to provide a preview of the government’s (though there are cases where they diverge).
Unlike ADP, the Labor Department’s count includes government jobs, and the “expert” consensus is that it’ll show a gain of 845k jobs when it’s released Friday morning.
Back in April Biden presided over the largest jobs report miss since 1998, with the economy only adding 266k jobs – 800k short of expectations. The figures were so bad CNBC’s anchors had to do a double take when reporting on the numbers, briefly thinking they may have been reported in error. Figures fell short of expectations again in May, adding 559k jobs vs. 671k expected.
In June the economy added 850,000 workers vs 700k expected, but this was mainly because expectations have been lowered.
Matt Palumbo is the author of Dumb and Dumber: How Cuomo and de Blasio Ruined New York, Debunk This: Shattering Liberal Lies, and Spygate
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