Summary:
ADP's latest survey: Only 107,000 jobs added, far below the expected 145,000. December's gain revised to 158,000 from 164,000.
Feb ADP, 6/3/2024 (Wed)
Previous (Jan): 107k Forecast: 150k
The ADP’s monthly survey showed 107,000 jobs were added, well below the 145,000 estimate. December’s gain was revised down to 158,000 from 164,000 originally.
However, the official figure of job creation is more than triple of that, reflecting contradicting prospects of sizable rate cuts that are expected later this year.
“Progress on inflation has brightened the economic picture despite a slowdown in hiring and pay,” said Nela Richardson, chief economist at ADP.
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