As I mentioned yesterday the JOLTS report showed better than anticipated employment openings, Hiring rate and Quit rate.

But now the ADP Employment report for September is showing only 89,000 jobs created much weaker than the 153,000 expected. August had 177,000 jobs created. Far different than the JOLTS report.

Most of the jobs came from the services sector. There was a decline in professional/business services.

Nela Richardson from ADP said that we are seeing a steepening decline in jobs this month.60% of people on payrolls are hourly workers, and hourly wages have been stuck at $17/hour since February.

I say this because there are analysts out there that are equating higher wages fueling inflation. This is not the case.

The JOLTS report is self reporting and only 32% of requested companies responded. Its the Fog of War when trying to grasp at every bit of data to produce a coherent picture of what is going on.

Inflation and the Fog of War -WSJ