- Prior was +324K (revised to 371K)
Details:
- small (less than 50 employees) +18K vs +237K prior
- medium firms (500 – 499) +79K vs +138K prior
- large (greater than 499 employees) +83K vs -67K prior
- Job stayers 5.9% vs 6.2%
- Job changers 9.5% vs 10.2%
Last month this data point was +324K compared to +189K expected so it certainly didn't predict a soft non-farm payrolls. Yet here we are again, hanging on the ADP data.
Job growth slowed notably last month, driven heavily by leisure and hospitality. Job creation by hotels, restaurants and other employers in the sector fell to 30,000 in August after months of strong hiring.
