The Dow Jones (DJIA) is set to open Wednesday in the red amid the first day of a government shutdown and disappointing jobs data.
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ADP reported that U.S. private payrolls fell by 32,000 in September, well below the consensus estimate of 51,000 additions and the biggest monthly drop since March 2023. Furthermore, August’s private payrolls were revised lower by 57,000 jobs to a loss of 3,000 jobs.
ADP Payrolls in Focus as Federal Jobs Reports Face Suspension
“Despite the strong economic growth we saw in the second quarter, this month’s release further validates what we’ve been seeing in the labor market, that U.S. employers have been cautious with hiring,” said ADP chief economist Nela Richardson.
Greater emphasis is placed on the ADP private payrolls data due to the Bureau of Labor Statistics (BLS) and the Labor Department likely suspending jobs data unless the government reopens. This includes jobless claims scheduled for October 2 and nonfarm payrolls on October 3.
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