None
DA
'Biggest decline in 2-and-a-half years': Experts sound alarm on dismal labor market data
['Lesley Abravanel']
Alternet.org
New data from payrolls processing firm ADP shows the biggest decline in private payrolls in two-and-a-half years as well as a hiring slowdown that's worrying experts, CNBC reports.
The data, CNBC says, is a "further sign of labor market weakening that compounds the data blackout accompanying the U.S. government shutdown."
Compounding that disappointment was revision of the August payrolls number to a loss of 3,000 from an initially reported increase of 54,000.
And despite the unemployment rate being relatively low at 4.3 percent, concerns over the state of the labor market are growing.
“My baseline outlook doesn’t see the labor market softening much further – but there are risks,” Boston Fed President Susan Collins said Tuesday.