Alternative Data Confirms Labor Market Weakness

While the BLS Jobs Report wasn’t available, several private sector reports help reinforce the story of a weakening job market.

On Wednesday, ADP reported just 42,000 jobs created, far below the typical 200,000+ we’ve seen in stronger months.

Similarly, Revelio Labs, which analyzed data from over 100 million U.S. workforce profiles, also found evidence of a cooling labor market, echoing the same trend of slowing job growth.

Indeed also reported job openings are at their lowest level since February 2021.

The Fed is beginning to acknowledge the growing weakness in the labor market, increasing the likelihood of a rate cut in December.

Meanwhile, mortgage rates have held onto their recent gains, and we anticipate further declines in the coming months as the data continues to soften.

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