Private sector job growth slowed last month and added just 67,000 jobs — a big miss from the 150,000 that economists expected, according to the closely-watched report by ADP and Moody’s Analytics.
- “The job market is losing its shine ... job openings are declining and if job growth slows any further unemployment will increase,” Mark Zandi, Moody’s chief economist, said in a release.
Why it matters: It stokes fears about the health of the labor that’s shown some signs of slowing, but has mostly held up in the face of recession fears. The ADP report is considered a precursor to the government’s official jobs release, which comes on Friday.