The founder of the Reshoring Initiative, Harry Moser, gives an insight into the growth of manufacturing jobs in Making Money with Charles Payne.
According to the ADP National Employment Report, released Wednesday morning, growth in private hired jobs slowed noticeably in August, suggesting companies are shedding hiring amid growing fears of an economic slowdown.
Companies added just 132,000 jobs last month, falling well short of the 288,000 increase that economists polled by Refinitiv had forecast. That’s also below the 270,000 gain in July and the lowest since May, when employers hired just 128,000 workers.
“Our data suggests a shift towards a more conservative hiring pace, possibly as companies try to decipher the conflicting signals from the economy,” said Nela Richardson, chief economist at ADP. “We could be at a tipping point, from supercharged job wins to something more normal.”
The ADP report has been on hold for two months as the company revised its job data methodology and began collaborating with the Stanford Digital Economy Lab. The changes are mostly technical, as ADP has previously been criticized for struggling to accurately forecast employment numbers in the more closely watched Jobs Department report.
But the report now includes data on wages, which showed annual wages rose 7.6% in August – a worrying development as consumers continue to face the hottest inflation in nearly four decades.
This is an evolving story. Please check again for updates.